The Minnesota Department of Employment and Economic Development (DEED) announced more than $7.45 million in business expansion funding, expected to create 430 jobs and leverage more than $270 million in outside investment at six businesses.
“DEED is dedicated to the growth and success of businesses statewide, helping them invest in their communities and create new jobs for Minnesotans,” said DEED Commissioner Matt Varilek. “These awards will help ensure Minnesota’s business ecosystem remains healthy and thriving.”
The funding comes from DEED’s Job Creation Fund (JCF) and Minnesota Investment Fund (MIF). The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $2 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.
The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs, with a focus on industrial, manufacturing and technology-related industries, increasing the local and state tax base and improving Minnesota's economic vitality. Funds are awarded to local units of government, which provide loans to assist expanding businesses. Some of the loans may be forgiven if specific goals are met.
Details on individual projects are below:
Boston Scientific Corporation, Maple Grove – JCF $1,750,000, MIF $4,250,000
Boston Scientific Corporation pursues innovative medical solutions that improve the health of patients around the world. The company plans to build a new site that will include 400,000 square feet of new research and development labs, office/support space and customer facing training spaces. The anticipated total project cost is $170 million and is expected to create approximately 300 jobs within the first three years.
Kannegiesser ETECH, Minneapolis – JCF $175,000
Kannegiesser ETECH is a manufacturer of laundry processing equipment and brings completely integrated automated equipment solutions to the market for laundry operators. The proposed project will expand the current facility in Minneapolis and allow for additional manufacturing, production and office space. The total project cost is $5 million and is expected to create 36 new jobs within the first three years at an average cash wage of $25.69 per hour.
Natural American Foods Inc., Lakeville – MIF $140,000
Natural American Foods LLC, doing business as Sweet Harvest Foods, is a natural sweetener processing company. The proposed project will occupy a new, 360,000-square-feet facility consisting of office, product storage and processing space, with an expected total project cost of $6.5 million. The project is expected to create 20 jobs within the first two years at an average wage of $43.72 per hour and benefits of $17.50 per hour.
Solugen Inc., Marshall – JCF $760,000
Solugen has pioneered a unique manufacturing platform that converts plant-derived substances into essential materials that have traditionally been produced from fossil fuels. This project will construct a 500,000-square-foot biomanufacturing facility to scale production of Solugen's low-carbon organic acids. The estimated project cost is $90 million and is expected to create approximately 40 permanent jobs with an average cash wage of $34.35 per hour.
Sunrise Fiberglass LLC, Wyoming – MIF $160,000
Sunrise Fiberglass LLC, a National Composites company, builds parts for cranes, skid-steers, paving equipment, mining equipment, trains, underground infrastructure and more. The proposed project will add 20,000 square feet to the existing facility in Wyoming, with a total project cost of $3.6 million. The project is expected to create 23 new jobs within the first two years at an average cash wage of $25.95 per hour.
Upper Lakes Foods, Inc., Cloquet – JCF $220,000
Upper Lakes Foods, Inc. is a full-line, full-service broadline food distributor serving customers in the Upper Midwest. The proposed project will expand the current Cloquet facility by adding 7,000 square feet of freezer space in the form of a building addition. The anticipated total project cost is $2.7 million and is expected to create 11 jobs within the first three years at an average cash wage of $24.18 per hour.
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