6.0. EDSR 03-10-2003 - Laserfiche WebLink

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et_Trade & , conomc Development Minnesota Investment Fund Purpose To create new and retain the highest quality jobs possible on a state wide basis with a focus on industrial, manufacturing and technology related industries;to increase the local and state tax base and improve the economic vitality for all Minnesota citizens. How It Works Grants are awarded to local units of government who provide loans to assist expanding businesses. Eligible Cities, counties,townships and recognized Indian tribal governments. Applicants Minimum All projects must meet minimum criteria for private investment, number of jobs created or retained Requirements and wage thresholds. Eligible Projects Loans for land, buildings, equipment and training are eligible. Funds may also be used for • infrastructure improvements necessary to support businesses located or intending to locate in Minnesota. Ineligible Working capital, retail business and industrial park development. Projects Maximum $500,000. Only one grant per state fiscal year can be awarded to a government unit. Available Other Funds At least 50% of total project costs must be privately financed through owner equity and other Required lending sources.Most applications selected for funding have at least 70%private financing. Interest Rate Negotiated. Terms Real estate a maximum of 20 years; machinery and equipment a maximum of 10 years. Collateral Negotiated. Personal guarantees may be required. Requirements Applications On a year-round basis using the Business and Community Development application. Accepted Approving Minnesota.Department of Trade and Economic Development 40 Authority -over- . • 500 Metro Square • 121 7th Place East • 1Pul, Minnesota 55101-2146 ■ USA www.dted.state.mn.us 651-297-1291 • 800-657-3858 • t ' 9'6-4772 ■ TTY/TDD 800-627-3529