Businesses looking to expand their operations and hire new workers in Minnesota may now qualify for assistance from the newly-created Minnesota Job Creation Fund.
Governor Mark Dayton says the pay-for-performance business development initiative, administered by the state's Department of Employment and Economic Development, will help create an estimated 5,000 new jobs statewide and attract another 450-million dollars of private investment into Minnesota's growing economy.
Dayton says the $24-million dollar Minnesota Job Creation Fund passed by the Minnesota Legislature in 2013, will replace the state's JOB-ZEE program, which is set to expire in 2015.
The new fund will provide up to 1-million dollars to businesses after they meet certain criteria, including minimum requirements for job creation and private investment. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 in developments to be eligible for financial assistance.