The following includes information regarding development assistance, tax incentives, and foreign trade zones.
Greater Minnesota Business Development Public Infrastructure Grant Program
Grants are available to cities to stimulate new economic development, or create or retain jobs in Minnesota, through public infrastructure investments.
Hire Education Loan Program
Short-term, no interest loans of up to $250,000 are available to Minnesota businesses to assist them in obtaining the training they need for new or existing employees.
Minnesota Investment Fund
This program provides companies below-market financing for acquiring "fixed assets" (such as equipment, buildings, and land) that results in the addition of new workers. Most types of businesses are eligible, excluding retail enterprises.
Minnesota Job Skills Partnership
This program provides state grants up to $400,000 to educational institutions for the development of training programs that meet specific business needs.
Minnesota Rail Service Improvement Program
Funds are loaned or granted to rail users and rail carriers to preserve and improve essential rail service.
Small Business Development Loan
Small business loans are available to manufacturing and industrial businesses located or intending to locate in Minnesota.
Job Opportunity Building Zones
This initiative is designed to stimulate economic development activity in distressed areas by providing local and state tax exemptions, including corporate taxes, income tax for operators or investors, sales and use taxes, most property taxes and wind energy production tax. It also provides an employment tax credit for high-paying jobs.
Tax Abatement
A political subdivision may abate all or a portion of its property tax on one or more parcels of real property for economic development purposes, subject to a duration limit and a limit on the amount of abatements.
Tax Increment Financing (TIF)
This initiative enables a city to “capture” additional property taxes generated by new development or redevelopment to pay for development expenses. A TIF authority, typically a city or county or an entity created by a city or county, captures the increase in net tax capacity resulting from new development within a designated geographic area called a TIF district.
