Financing & Incentives

State of Minnesota

Development & Expansion Incentives

The State of Minnesota offers incentive programs through the Minnesota Department of Employment & Economic Development.

  • Minnesota Job Creation Fund provides grants of up to $1 to $2 million to help businesses grow and create jobs. Businesses must satisfy the “but/for” test.
  • Minnesota Investment Fund offers loans up to $1,000,000 loan and focuses on industrial, manufacturing, and technology-related industries. Funding is provided to local units of government, which use the money to provide below-market rate loans to help companies expand. Funding may be used to purchase land, machinery and equipment.
  • Greater Minnesota Job Expansion Program provides sales tax exemptions for up to 7 years to existing businesses located in Greater Minnesota that increase employment and meet other eligibility requirements.
  • Automation Loan Participation Program provides companion loans intended to fill gap financing needs for businesses purchasing machinery, equipment, or software to increase productivity and automation. Loans of up to $500,000, 5 to 7 year term, 1% interest rate, private financing match required. This program is available only to businesses headquartered in Minnesota and targets businesses
Employee Training
Effective

Employee Training Incentives

  • Minnesota Job Skills Partnership Program partners with businesses and schools to train or retrain workers, expand opportunities, and keep high-quality jobs in the state. Grants of up to $400,000 are awarded to educational institutions that partner with businesses to develop new-job training or retraining for existing employees.
  • Job Training Incentive Program provides grants of up to $200,000 for businesses to provide training for at least three new jobs new jobs outside the seven-county metro area or in Hanover, Rockford, Northfield and New Prague.
  • Automation Training Incentive Program provides grants of up to $25,000 are available to small businesses in the manufacturing or skilled production industry for the express purpose of training incumbent workers as quickly and effectively as possible on new automation technology.
  • Scitechsperience Internship Program is a paid internship that connects college students in science, technology, engineering and math disciplines with hands-on opportunities at Minnesota companies. The focus is on strengthening Minnesota’s STEM industries and developing an experienced and well-trained workforce.
Offering

Local Support

The state offers multiple programs that Greater Mankato communities have utilized to support projects including demolition, brownfield, and infrastructure programs. At the local level, Tax Increment Financing and Tax Abatement are tools that allow a portion of the increased property taxes to be returned to the developer.

Seeking Local Support?
Fill out this form and a representative will contact you to help explore your options.

Looking for Business Support Resources?

Learn More
For more information, please contact:
Ryan Vesey
Business Development Director

Phone: 507-385-6644
Email: [email protected]

Greater Mankato

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