MN Governor: Record Number of Jobs from Public, Private Partners

ST. PAUL (WJON News) -- The state business development programs have helped create or retain a record 4,750 jobs in Minnesota this fiscal year.

Since July 1st, 2024, the Department of Employment and Economic Development's Job Creation Fund and Minnesota Investment Fund have supported 23 business expansions that are expected to create or retain nearly 4,750 jobs. The state says its the most since the program's inception in 2004.

The two programs have provided $35 million in funding, with an additional nearly $1.2 billion in investment from the businesses.

The Job Creation Fund (JCF) provides financing to new and expanding businesses that meet certain job creation and capital investment targets.

The Minnesota Investment Fund (MIF) provides loans for capital equipment to help businesses add new workers and retain high-quality jobs, with a focus on industrial, manufacturing, and technology-related industries.

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DEED also announced on Thursday $3.7 million in JCF or MIF funding for three more business expansion projects, which are expected to create 337 jobs. The projects are at Alter Technology US in Plymouth, Beckman Coulter Inc. in Chaska, and Cytotheryx Inc. in Rochester.