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--Trade <br />Econonnc <br />Devdopment <br /> <br />Purpose <br /> <br /> How It Works <br /> <br /> Eligible <br /> Applicants <br /> <br /> Minimum <br /> Requirements <br /> <br />Eligible Projects <br /> <br /> Ineligible <br /> Projects <br /> <br /> Maximum <br /> Available <br /> <br /> Other Funds <br /> Required <br /> <br /> Interest Rate <br /> Terms <br /> <br /> Collateral <br />Requirements <br /> <br /> Applications <br /> Accepted <br /> <br /> Approving <br /> Authority <br /> <br />www. dted.state.mn.us <br /> <br />Minnesota Investment Fund <br /> <br />To create new and retain the highest quality jobs possible on a state wide basis with a focus on <br />industrial, manufacturing and technology related industries; to increase the local and state tax base <br />and improve the economic vitality for all Minnesota citizens. <br /> <br />Grants are awarded to local units of government who provide loans to assist expanding businesses. <br /> <br />Cities, counties, townships and recognized Indian tribal governments. <br /> <br />All projects must meet minimum criteria for private investment, number of jobs created or retained <br />and wage thresholds. <br /> <br />Loans for land, buildings, equipment and training are eligible. Funds may also be used for <br />infrastructure improvements necessary to support businesses located or intending to locate in <br />Minnesota. <br /> <br />Working capital, retail business and industrial park development. <br /> <br />$500,000. Only one grant per state fiscal year can be awarded to a government unit. <br /> <br />At least 50% of total project costs must be privately financed through owner equity and other <br />lending sources. Most applications selected for funding have at least 70% private financing. <br /> <br />Negotiated. <br /> <br />Real estate a maximum of 20 years; machinery and equipment a maximum of 10 years. <br />Negotiated. Personal guarantees may be required. <br /> <br />On a year-round basis using the Business and Community Development application. <br /> <br />Minnesota Department of Trade and Economic Development <br /> <br />-o~veF- <br /> <br />500 Metro Square · 1217th Place <br />651-297-1291 . 800-657-3858 <br /> <br />ti, Minnesota 55101-2146 - USA <br />3-4772 - TTY/TDD 800-627-3529 <br /> <br /> <br />