In May, the Minnesota Department of Employment and Economic Development (DEED) announced $5.4 million in funding for eight businesses through two programs—the Minnesota Job Creation Fund (JCF) and the Minnesota Investment Fund (MIF). These projects, described below, are expected to create more than 325 jobs over the next two years.
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. In some cases, companies may receive awards of up to $2 million.