The Minnesota Department of Employment and Economic Development said that six businesses are expanding in the state with the help of $2.1 million in awards from the Job Creation Fund.
The six projects are expected to leverage $123 million in investments from the companies and create 381 new jobs over the next three years, according to DEED, which made the announcement on Wednesday, Sept. 8.
"The Job Creation Fund once again proves to be an incredible return on investment for the state," DEED Commissioner Steve Grove said. "I congratulate these cities and businesses on their future economic growth."
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.
The businesses and their award amounts are as follows:
Advanced Volumetric Alliance, LLC, - Albertville - $175,000
North Freeze Dry – Little Falls - $175,000
Performance Food Group – Rice - $175,000
ST Paper 1 LLC – Duluth – $1,300,000
Silk Road Medical - Plymouth - $175,000
Trystar LLC – Faribault - $175,000
All projects also received an award from the Minnesota Investment Fund. The Minnesota Investment Fund provides loans to companies that create and retain high-quality jobs with a focus on industrial, manufacturing and technology-related industries to increase the local and state tax base and improve the economic vitality for all Minnesotans.