Minnesota Investment Fund

Overview

The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs on a statewide basis.

The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide.

Eligibility

Funds are awarded to local units of government who provide loans to assist expanding businesses. Cities, counties, townships and recognized Indian tribal governments are eligible for this fund.

Project Requirements 

All projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. Only one award per state fiscal year may be provided to a government unit.

At least 50 percent of total project costs must be privately financed through owner equity and other lending sources (most applications selected for funding have at least 70 percent private financing).

Terms and Interest

Terms are for a maximum of 20 years for real estate and a maximum of 10 years for machinery and equipment. Interest rates are negotiated.

For More Information

Contact the Office of Business Finance at 651-259-7430 or toll-free at 800-657-3858. 


Apply

Applications are accepted on a year-round basis.

Individuals or businesses may not apply for this funding on their own.

A local unit of government must telephone the DEED Office of Business Finance on behalf of the business that wishes to receive funding to discuss the criteria for making an initial application.

If the loan officer agrees that the project appears to meet basic state or federal requirements, the local unit of government then submits an initial application on behalf of the business.

After a thorough review, if the DEED finance office determines that the project meets basic funding criteria -- and sufficient funds are available -- DEED gives the local government and the business two months to submit detailed information for the final application.

The local unit of government coordinates the submission of the final application, which includes sections that both the local government unit and the business must complete.

Required forms and next steps after acceptance of initial applications are on the forms tab.  

For more information, contact the Office of Business Finance at 651-259-7430 or toll-free at 800-657-3858.

Forms

These are the forms needed to apply for Minnesota Investment Fund (MIF) financing. There are also checklists accompanying most of the application forms. These checklists were designed to assist applicants in preparing thorough, detailed and complete applications. Note that checklists are not one-size-fits-all, as every business and financing package is different. Applicants should contact their DEED loan officer to discuss their application prior to submission. 

State Loan Forms

Local units of government (LUGs) will need every form or document listed below to complete the application process. Select from the links below to download and save the documents to your computer.

To complete the documents, open each file and use the TAB key to move to each new field on the forms. Completed forms should be printed, signed and submitted. 

Initial Application

Local Government Applicant Information Form
The local unit of government coordinates the submission of the final application, which includes sections that both the local government unit and the business must complete. DEED gives the local government and the business two months to submit detailed information for the final application.

Business Information Form
Businesses should return the Business Information Form to the local government partner, which reviews and submits it to DEED.

Federal Loan Forms

Local units of government will need every form or document listed below to complete the application process. Select from the links below to download and save the documents to your computer.

To complete the documents, open each file and use the TAB key to move to each new field on the forms. Completed forms should be printed, signed and submitted.

Federal Local Government Applicant Supplemental Information Form
The local unit of government coordinates the submission of the final application, which includes sections that both the local government unit and the business must complete. DEED gives the local government and the business 90 days to submit detailed information for the final application.

Federal Business Supplemental Information Form
Businesses should return the Business Information Form to the local government partner, which reviews and submits it to DEED.

Federal Environmental and Labor Standards Compliance 

The following information explains in detail the environmental and labor standards compliance requirements of your grant. These requirements must only be fulfilled for FEDERAL MIF grants. These do not apply to state MIF grants.

Also included are Editable Labor Standard Forms; Microsoft Excel and Microsoft Word files that you can download and use instead of the PDF forms included in the Labor Standards Handbook:

SCDP A-Z Guide

Grant Adjustment Request Form 2007

Conflict Of Interest Worksheet

Labor Standards Handbook

Environmental Review

Fair Housing Equal Opportunity Handbook

Acquisition and Relocation Handbook

All The Right Moves In Minnesota: Relocation and Acquisition in HUD Programs  

Flood-Recovery

The Minnesota Investment Fund has flood-recovery funding to provide loans to businesses directly and adversely affected by flooding. MIF flood-recovery funds are awarded to local units of government, which use the funding to make loans to individual businesses.

For more information, see our Flood-Recovery Financing section.

Revolving Loan Fund Guides

Federally Funded Revolving Loan Fund Guidelines

When a Minnesota Investment Fund loan is funded by federal dollars (for example: Community Development Block Grant – Economic Development), any loan repayments to a local revolving loan fund must be administered according to federal guidelines.  These guidelines will help local governments use the federal dollars to encourage business development.

State Funded Revolving Loan Fund Guidelines

Although they are not subject to the same restrictions as federal funding, revolving loan funds capitalized with repayments from state-funded loans must adhere to Minnesota Investment Fund re-use policies, which are  guided by state law.  Updated guidelines for the re-use of state funds will be posted in the coming weeks.

For More Information

Questions about the use of revolving loan funds? Contact the DEED loan officer in your region.

Contacts

loan officers.jpgContact a Regional Representative

Each region of the state has an assigned senior loan officer who can answer questions about the Minnesota Investment Fund. Check the map to identify your region and then scroll down the page to find your contact.

Contact Our Business Finance Office

Reach us at 651-259-7430 or toll-free at 800-657-3858 or send us an email at business.finance@state.mn.us

For More Information

For personalized assistance on expanding your business in Minnesota, contact one of our business development specialists.


Senior Loan Officers by Region

Region 9

Region 1 Loan Officer
Counties: Kittson, Marshall, Norman, Pennington, Polk, Red Lake, Roseau
Contact:

Lisa Dargis 
651-259-7446 
Lisa.Dargis@state.mn.us

Region 2 Loan Officer
Counties: Beltrami, Clearwater, Hubbard, Lake of the Woods, Mahnomen
Contact:

Lisa Dargis 
651-259-7446 
Lisa.Dargis@state.mn.us


Region 3 Loan Officer
Counties: Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, St. Louis
Contact:

Jordan Zeller 
651-259-7426
Jordan.Zeller@state.mn.us

Region 4 Loan Officer
Counties: Becker, Clay, Douglas, Grant, Otter Tail, Pope, Stevens, Traverse, Wilkin
Contact:

Lisa Dargis 
651-259-7446 
Lisa.Dargis@state.mn.us

Region 5 Loan Officer
Counties: Cass, Crow Wing, Morrison, Todd, Wadena
Contact:

Lisa Dargis 
651-259-7446 
Lisa.Dargis@state.mn.us

Region 6E Loan Officer
Counties: Kandiyohi, McLeod, Meeker, Renville
Contact:

Brad Simenson
651-259-7428
Brad.Simenson@state.mn.us

Region 6W Loan Officer
Counties: Big Stone, Chippewa, Lac Qui Parle, Swift, Yellow Medicine
Contact:

Brad Simenson
651-259-7428
Brad.Simenson@state.mn.us

Region 7E Loan Officer
Counties: Chisago, Isanti, Kanabec, Mille Lacs, Pine
Contact:

Carol Pressley
651-259-7427
Carol.Pressley@state.mn.us

Region 7W Loan Officer
Counties: Benton, Sherburne, Stearns, Wright
Contact:

Bart Bevins 
651-259-7424 
Bart.Bevins@state.mn.us

Region 8 Loan Officer
Counties: Cottonwood, Jackson, Lincoln, Lyon, Murray, Nobles, Pipestone, Redwood, Rock
Contact:

Brad Simenson
651-259-7428
Brad.Simenson@state.mn.us

Region 9 Loan Officer
Counties: Blue Earth, Brown, Faribault, Le Sueur, Martin, Nicollet, Sibley, Waseca, Watonwan
Contact:

Jordan Zeller 
651-259-7426
Jordan.Zeller@state.mn.us

Region 10 Loan Officer
Counties: Dodge, Fillmore, Freeborn, Goodhue, Houston, Mower, Olmsted, Rice, Steele, Wabasha, Winona
Contact:

Carol Pressley
651-259-7427
Carol.Pressley@state.mn.us

Region 11 Loan Officers

Counties:

Carver


Brad Simenson 
651-259-7428
Brad.Simenson@state.mn.us

Counties:

Dakota, Scott 

Jordan Zeller  
651-259-7426
Jordan.Zeller@state.mn.us

Counties:

Washington, Anoka 

Carol Pressley 
651-259-7427
Carol.Pressley@state.mn.us

Counties:

Hennepin, Ramsey 

Bart Bevins  
651-259-7424 
Bart.Bevins@state.mn.us