About the Program

The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs statewide. The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide.

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Overview

Funds are awarded to local units of government that provide loans to assist expanding businesses. Cities, counties, townships, certain development authorities, and recognized Indian tribal governments are eligible for this fund.

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Project Requirements

All projects must meet minimum criteria for private investment, the number of jobs created or retained, and wages paid. At least 50% of total project costs must be privately financed through owner equity and other lending sources (most applications selected for funding have at least 70% private financing).### Prevailing Wage RequirementsProjects that receive $500,000 or more in MIF assistance are subject to prevailing wage requirements. See more about Prevailing Wage Requirements.### Jobs and WagesAll projects must meet minimum job and wage goals. For questions about how to determine wage levels, please refer to the Wage and Benefit Guidelines.### Terms and InterestTerms are for a maximum of 20 years for real estate and a maximum of 10 years for machinery and equipment. Interest rates are negotiated.

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Eligibility

The Minnesota Investment Fund (MIF) is a loan program and available to businesses engaged in manufacturing, warehousing, distribution, technology-related industries, and other activities that could be located generally anywhere yet still serve the same market and customers. It is designed to generate new income or wealth for the state that would not be generated by local market demand conditions.

Companies must work with the local government (city, county, or township) where the project is located to apply to DEED for an MIF award. To receive a MIF loan, a business must, at a minimum, meet the following requirements:

• The size of an award depends on a variety of factors, including (but not limited to) Minnesota’s competitiveness, local economic conditions, job creation, and wage levels. All expenditures and hiring related to the MIF assistance may not occur until funding has been formally approved.
• Be engaged in an eligible business activity
• Certify that funds will not be used for the operation, construction, or expansion of a casino, a sports facility that has a professional sports team as a principal tenant, or any firm engaged in retailing merchandise
• Obtain local government support for their project via council resolution
• Match any MIF from private funds or financing
• Be in a financial position to repay the loan
• Meet minimum wage requirements for new Twin Cities jobs or for new Greater Minnesota jobs
• Commit to meeting minimum levels of private investment, job creation/retention, and wage benefits within 2 years
• Have other location options outside of Minnesota
• Cause no undue harm to Minnesota business competitors
• Certify that the project would not occur without MIF assistance
• Certify that the project has not yet started (i.e., no building permits, bids, construction, or equipment purchases).

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Explore Business Opportunities Across Minnesota

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