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ENTERPRISE <br />MINNESOTA <br />Growth Acceleration Program <br />Offering key resources to provide an "economic boost" to small manufacturers <br />What is GAP? <br />The Growth Acceleration Program (GAP) is a state <br />grant program that provides small manufacturing <br />and manufacturing-related companies with needed <br />resources to help them stay in business, compete, <br />and continue their commitment as employers, job <br />creators, and contributors to local community life. <br />How does GAP work? <br />Under the Growth Acceleration Program (GAP), <br />manufacturers with fewer than 100 employees can <br />receive up to $25,000 per year toward projects <br />intended to help the company grow. The business <br />must match any GAP money awarded. That means a <br />maximum of $50,000 per company, per year, <br />including a 50 percent match. <br />What can GAP resources be used for? <br />GAP funds can be used for virtually any business <br />project short of capital investments, as long as they <br />enhance the operation of a small manufacturing, <br />manufacturing-related, or service company. <br />Marketing and product development are possible <br />areas for project funding as well. <br />Who administers the GAP grant resources? <br />The $750,000 approved for GAP as one-time <br />money over atwo-year period is funded through the <br />Minnesota Department of Employment and <br />Economic Development and administered by <br />Enterprise Minnesota. <br />Can GAP funds be applied anywhere in <br />Minnesota? <br />Yes, since the program launched, close to 50 <br />companies have qualified and received GAP funding <br />to access business services. From Albert Lea, to the <br />Twin Cities, and up to the Iron Range, <br />manufacturers throughout the state are using GAP <br />funding to help grow their business. From the initial <br />$750,000, these companies have implemented <br />strategies that ultimately created $1.7 million in <br />value. <br />Will GAP resources be available in 2009? <br />Legislation will be introduced during the 2009 <br />Minnesota Legislative Session to continue <br />authorizing GAP resources for the 2009-10 <br />biennium. <br />"The idea behind the Growth Acceleration Program is to aid small businesses with their technological needs. Often <br />times, they either don't have the resources, knowledge, or time - or the combination of all three - to get up to speed <br />on the latest technology that might help their business grow and prosper and maybe even create new jobs." <br />Minnesota State Senator David Tomassoni <br />Chief Author of GAP Legislation <br />"GAP is about helping companies with business improvements, helping them with the business side of improving job <br />creation, and the job growth potential of their companies." <br />Bob Kill <br />Enterprise Minnesota President & CEO <br />"Funding fox GAP is now more crucial than ever, especially during a time when Minnesota needs to persist in its <br />efforts to promote and grow a diverse and vibrant manufacturing sector in order to compete in the global economy. <br />Our local communities and employees depend on the economic security that these businesses provide." <br />Maynard Akkerman, President <br />Akkerman Inc. (Brownsdale, MN) <br />a NIST I Network <br />MEP Affiliate <br />310 4'~' Avenue South, Suite 7050, Minneapolis, MN 55415 <br />612-373-2900 800-325-3073 Fax 612-373-2901 <br />www.enteroriseminnesota.org <br />