Minnesota’s Department of Economic Development awards $1.67 million to six Minnesota businesses
The Minnesota Department of Employment and Economic Development (DEED) has announced $1.67 million in Job Creation Fund awards for six Minnesota businesses.
These businesses are expanding or building new locations in Minnesota and are expected to create 297 new jobs over the next three to five years.
“I congratulate these six businesses on their expansion,” said DEED Commissioner Steve Grove. “These public-private partnerships to expand jobs in Minnesota will continue to be a big part of our recovery.”
Sportech, a plastics thermoformer in Elk River, is one of the six businesses awarded. The firm specializes in design, development, and manufacturing of Operator Environment products in the PowerSports and adjacent small vehicle markets. This project will expand their Elk River facility and create 85 new jobs over the next three years. The total project cost is just over $8 million, and the new jobs are expected to pay an average of $18.84 an hour. Sportech was awarded $182,000 from the Job Creation Fund, provided it meets the established criteria.
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.
The Minnesota Investment Fund provides loans to companies that create and retain high-quality jobs with a focus on industrial, manufacturing and technology-related industries to increase the local and state tax base and improve the economic vitality for all Minnesotans.