MN is Paying You to Expand Your Business!?

Performance based pay, or getting paid for how well you work, is something that car salesman and production line workers are very familiar with. How about as a business? Wouldn’t it be nice to be handsomely rewarded from the government for how well your business performs?

Well, that’s exactly what the Minnesota Department of Employment and Economic Development’s newest program does. The Job Creation Fund (JCF) is a pay-for-performance based incentive for businesses in Minnesota. Launched in January of this year, this program is designed as a strategic, transparent and accountable incentive which offers up to $2 million to businesses who meet job creation and capital investment goals.

Depending on your project size (up to $1 million for most projects; $2 million for larger projects), there are funds available which provide $1,000-$3,000 per job, based on wages paid and 5-7.5% rebate on your capital investment, depending on your project’s location. Even better? There’s $24 million in the state’s budget to fund this program.

Sound too good to be true? Well, it’s not. To date, several companies had already received JCF designation, totaling several million dollars in rebates, resulting in the creation of nearly 400 new jobs in the State of MN. Companies who have received this designation included Harmony Enterprises, Heraesus Medical Components, and Polaris Industries.

To be eligible, businesses must be engaged in manufacturing, warehousing, distribution, technology or other eligible related activities, create ten jobs within two years, and invest at least $500,000 into new construction, renovation or expansion. The best part is, if a business receives JCF designation, then decides not to move forward with their project, there is no penalty.

This is an exceptional program that may not be around forever. Working with businesses to obtain these types of incentives is right up our alley, and like our last blog indicted, the sooner you contact us, the better. Don’t be an obstacle to yourself; take control of your situation and find out how you can save money today.