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Last modified
10/29/2007 10:15:15 AM
Creation date
12/9/2004 7:01:38 AM
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Template:
Planning Files
Planning Files - Planning File #
3275
Planning Files - Type
Planning-Other
Additional Information
Minnesota Investment Fund loan
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<br />Business-Financial Assistance-Fact Sheet--Minnesota Investment Fund <br /> <br />Page 1 of2 <br /> <br />F act Sheet <br /> <br />Minnesota Investment Fund <br /> <br />Program Purpose <br />To create new and retain the highest quality jobs possible on a state <br />wide basis with a focus on industrial, manufacturing and technology <br />related industries; to increase the local and state tax base and improve <br />the economic vitality for all Minnesota citizens. <br /> <br />How It Works <br />Grants are awarded to local units of government who provide loans to <br />assist expanding businesses. <br /> <br />Eligible Applicants <br />Cities, counties, townships and recognized Indian tribal governments. <br /> <br />Minimum Requirements <br />All projects must meet minimum criteria for private investment, <br />number of jobs created or retained and wage thresholds. <br /> <br />Eligible Projects <br />Loans for land, buildings, equipment and training are eligible. Funds <br />may also be used for infrastructure improvements necessary to <br />support businesses located or intending to locate in Minnesota. <br /> <br />Ineligible Projects <br />Working capital, retail business and industrial park development. <br /> <br />Maximum Available <br />$500,000. Only one grant per state fiscal year can be awarded to a <br />government unit. <br /> <br />Other Funds Required <br />At least 50% of total project costs must be privately fmanced through <br />owner equity and other lending sources. Most applications selected <br />for funding have at least 70% private fmancing. <br /> <br />Interest Rate <br />Negotiated. <br /> <br />Terms <br />Real estate a maximum of 20 years; machinery and equipment a <br />maximum of 10 years. <br /> <br />Collateral Requirements <br />Negotiated. Personal guarantees may be required. <br /> <br />Applications Accepted <br />On a year-round basis using the Business and Community <br />Development application. <br /> <br />http://www.dted.state.mn.us/O 1 x02xO 1 x04. asp <br /> <br />11/07/2000 <br />
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