Four companies awarded Job Creation Fund grants
Friday, June 22, 2018
Funding will support economic development in Barnesville, Cottage Grove, Norwood Young America, and Ranier
Grants totaling more than $560,000 were approved by the Minnesota Department of Employment and Economic Development (DEED) for business expansion projects in four cities.
DEED awarded the funding from its Job Creation Fund for projects in Barnesville, Cottage Grove, Norwood Young America, and Ranier. The grants were approved during the first quarter of 2018. The grants are expected to create 49 new jobs.
"The Job Creation Fund plays an important role not only in job creation but also in enhancing a community's tax base by supporting these investments," said DEED Commissioner Shawntera Hardy. "This program continues to have a proven track record of spurring economic development statewide."
The Job Creation Fund, which was created by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance in the Twin Cities metro and create at least five full-time jobs and invest at least $250,000 in Greater Minnesota.