Four Minnesota companies have plans to expand with $2.37 million in assistance from the Job Creation Fund. The projects in Minneapolis, Windom, Wyoming and Mendota Heights will create 525 new jobs and will invest over $16 million in the expansions.
“These business expansions are good news for Minnesota. I want to thank these companies for their continued investment in our state,” said Lt. Gov. Tina Smith. “We need to keep on making progress so all Minnesotans have great job opportunities.”
“The Job Creation Fund projects awarded today are a fantastic representation of companies in all parts of the state that are utilizing this program to make new investments and build their workforce,” said DEED Commissioner Katie Clark Sieben. “The combined total of 525 new jobs in a variety of industries will benefit communities in Greater Minnesota, as well as the metropolitan area.”
The following companies announced expansions in the latest round of funding:
Ability Network Inc. – The Minneapolis-based health care technology company plans to invest $518,149 and increase its workforce by 167 employees. The new jobs will pay an average wage of $33.16 an hour. DEED has approved the company for $500,000 from the Job Creation Fund.
Fast Manufacturing Inc. – The Windom-based manufacturer of sprayers and applicators for agricultural use plans to invest $4.2 million over the next several years in machinery and equipment for its manufacturing facility along with additional site improvements. The expansion will include 143 jobs paying an average wage of $19.00 per hour. The project was approved for $539,375 from the Job Creation Fund.
Polaris Industries Inc. – The snowmobile and other off-road vehicle maker is planning a $5.78 million expansion of its research and development facility in Wyoming, Minn. The company plans to add 90 jobs paying an average of $36.02 an hour. DEED approved the project for $695,000 from the Job Creation Fund.
Prime Therapeutics – The pharmacy benefit manager is planning to invest $5.7 million to improve its current facilities and open a new site in Mendota Heights. Prime Therapeutics said it will create 125 jobs paying an average wage of $26.82 an hour within the next three years. DEED approved the company for $635,000 from the Job Creation Fund.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at http://mn.gov/deed . We’re on Twitter at https://twitter.com/mndeed.
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