| State: |
MN |
| Incentive Type: |
Cash Grants and Financing Incentives |
| Incentive Title: |
Direct Loans |
| Description: |
1. MINNESOTA INVESTMENT FUND: Grants are awarded to local governments to provide loans to expanding industrial, manufacturing and technology related businesses. Terms of loan include 20 years for real estate and 10 years for machinery and equipment.
2. URBAN INITIATIVE LOAN PROGRAM: The Urban Initiative Board has entered into partnerships with several local nonprofit organizations, which then provide loans and technical assistance to start-up and expanding businesses.
3. WATER POLLUTION CONTROL REVOLVING FUND: Loans provided at below-market rates to upgrade and construct wastewater facilities. |
| Eligibility Requirements: |
1. Eligibility requirements include meeting the minimum criteria for private investment, number of jobs created or retained and wages paid. At least 50% of total project costs must be privately financed .
2. Projects must demonstrate potential to create jobs for low-income people; be unable to obtain sufficient capital from traditional private lenders, and demonstrate the potential to succeed.
3. Projects must be included on the MN Pollution Control Agency's Project Priority List and Intended Use Plan. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Dept. of Employment and Economic Development |
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