(The Center Square) – The Minnesota Department of Employment and Economic Development will give $7.45 million in business expansion funding expected to create 430 jobs.
The funding comes from DEED’s Job Creation Fund and Minnesota Investment Fund. 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 $2 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.
“DEED is dedicated to the growth and success of businesses statewide, helping them invest in their communities and create new jobs for Minnesotans,” DEED Commissioner Matt Varilek said in a statement. “These awards will help ensure Minnesota’s business ecosystem remains healthy and thriving.”
The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs, especially within the industrial, manufacturing and technology-related industries. Funds are awarded to local units of government, which provide loans to assist expanding businesses. Some of the loans may be forgiven if specific goals are met.
Boston Scientific Corp., a medical solutions company, will receive $6 million to build a new site costing $170 million that will include 400,000 square feet of research and development labs, office/support space and customer-facing training spaces. The project is expected to create 300 jobs within the first three years.
Kannegiesser ETECH, a manufacturer of laundry processing equipment, will receive $175,000 for its $5 million project to expand its Minneapolis facility. The project is expected to create 36 new jobs within the first three years at an average cash wage of $25.69 per hour.
Natural American Foods LLC, a natural sweetener processing company, will receive $140,000 for a $6.5 million project in a 360,000-square-foot facility with an expected total project cost of $6.5 million. The project is expected to create 20 jobs within the first two years at an average wage of $43.72 per hour and benefits of $17.50 per hour.
Solugen Inc in Marshall will receive $760,000. It converts plant-derived substances into low-carbon organic acids. This project will construct a 500,000-square-foot biomanufacturing facility at a cost of $90 million and is expected to create 40 permanent jobs with an average cash wage of $34.35 per hour.
Sunrise Fiberglass LLC builds parts for cranes, skid-steers, paving equipment, mining equipment, trains, and underground infrastructure. It will receive $160,000 for its project to add 20,000 square feet to its existing facility in Wyoming, with a total project cost of $3.6 million. The project is expected to create 23 new jobs within the first two years at an average cash wage of $25.95 per hour.
Upper Lakes Foods, Inc. is a food distributor serving customers in the Upper Midwest that will receive $220,000 for its project to expand its Cloquet facility by adding 7,000 square feet of freezer space. The anticipated total project cost is $2.7 million and is expected to create 11 jobs within the first three years at an average cash wage of $24.18 per hour.