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Business-Financial Assistance- Business Financing Programs-Minnesota Investment Fund Page 1 of 2 <br /> Fact Sheet <br /> Minnesota Investment Fund <br /> Program Purpose <br /> To create new and retain the highest quality jobs possible on a state wide basis with <br /> a focus on industrial, manufacturing and technology related industries; to increase <br /> the local and state tax base and improve the economic vitality for all Minnesota <br /> citizens. <br /> How It Works <br /> Grants are awarded to local units of government who provide loans to assist <br /> expanding businesses. <br /> Eligible Applicants <br /> Cities, counties, townships and recognized Indian tribal governments. <br /> Minimum Requirements <br /> All projects must meet minimum criteria for private investment, number of jobs <br /> created or retained and wage thresholds. <br /> Eligible Projects <br /> • Loans for land,buildings, equipment and training are eligible. Funds may also be <br /> used for infrastructure improvements necessary to support businesses located or <br /> intending to locate in Minnesota. <br /> Ineligible Projects <br /> Working capital, retail business and industrial park development. <br /> Maximum Available <br /> $500,000. Only one grant per state fiscal year can be awarded to a government unit. <br /> Other Funds Required <br /> At least 50% of total project costs must be privately financed through owner equity <br /> and other lending sources. Most applications selected for funding have at least 70% <br /> private financing. <br /> Interest Rate <br /> Negotiated. <br /> Terms <br /> Real estate a maximum of 20 years; machinery and equipment a maximum of 10 <br /> years. <br /> . Collateral Requirements <br /> Negotiated. Personal guarantees may be required. <br /> Applications Accepted <br /> http://www.dted.state.mn.us/01x02x01x04.asp 11/4/02 <br />