5 Cos. Land Funding To Support MN Expansions
The Minnesota Job Creation Fund, a $24 million program approved by Governor Mark Dayton and the state legislature last spring, is poised to dole out its first round of funding: up to $2.27 million for five different companies in the state.
The Minnesota Department of Employment and Economic Development (DEED) called the fund a “pay-for-performance” program that provides up to $1 million to businesses that meet certain criteria, such as minimum requirements for job creation and private investments. According to DEED, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible.
DEED claims that this first round of funding will assist the five recipients in creating 240 jobs in Minnesota.
The five companies that received funding this round include:
A subsidiary of Indian company Axis Clinicals is building a new facility in Dilworth. DEED said the company plans to create up to 100 full-time permanent jobs and invest about $12 million in the first phase of the project. The company will receive up to $779,988 from the Minnesota Job Creation Fund if it follows through on its pledge.
Kentucky-based Bluegrass Proteins will expand to Dawson with a facility that DEED said will create 56 full-time permanent jobs. The company will invest about $18.2 million in the facility, which will dry whey (a milk byproduct) to produce proteins and permeates as a food additive. The company could receive up to $650,000 from the state fund.
Heraeus Medical Components manufactures and sells components used in the creation of medical devices. The St. Paul-based business intends to expand one of its current facilities in White Bear Township, creating 55 jobs and investing about $7.8 million. The company could receive up to $498,100 from the fund.
Minnesota-based Harmony Enterprises manufactures waste compactors and recycling balers. It plans to expand its current operations in Harmony, adding 14 full-time permanent jobs and investing about $1.1 million. The company could receive up to $215,000 from the state fund.
Valmont Industries is a Nebraska-based manufacturer of aluminum poles and arms. DEED said that due to an increase in demand, the company is expanding its operations in Farmington with plans to create 15 full-time permanent jobs and invest about $1.1 million. The company could receive up to $129,000 from the state fund.
“Minnesota employers have added almost 150,000 jobs during the last three years,” Dayton said in a statement. “But we still have more work to do to continue our state’s economic growth, and create more good-paying jobs for Minnesotans. The investments we are making today through the Job Creation Fund will create hundreds of jobs in communities throughout Minnesota.”
According to DEED, companies must work with the local government where a project is located in order to apply for funding eligibility.
“The new Minnesota Job Creation Fund launched January 1, and is already attracting companies headquartered outside our state and country, as well as Minnesota businesses, to expand and grow in Minnesota,” DEED Commissioner Katie Clark Sieben said in a statement.