The Minnesota Investment Fund Supports Job Growth, Leverages Private Investment
A new Polaris R&D facility, supported in part by the Minnesota Investment Fund, is set to open this summer. Photo courtesy of Polaris Industries.
Last fall, Polaris Industries began a 144,000 sq. ft. expansion of their research and development facility in Wyoming, MN. The addition relieves overcrowding at the facility and keeps the company growing right here in Minnesota.
Currently, the research facility provides 375 good jobs for Minnesotans. After construction is completed later this summer, the Polaris facility will be twice as large and capable of employing an additional 350 people.
The Minnesota Investment Fund, which supports companies creating good jobs, is helping Polaris with the expansion. The state of Minnesota is providing them with a $400,000 loan. In return, Polaris has agreed to create at least 115 permanent jobs during the next two years.
The fund has helped other companies create new jobs for Minnesotans too. During 2012 alone, the Minnesota Investment Fund helped Gerdau Long Steel in St. Paul, Stream Global Services in Eagan, and AAR Aircraft Services in Duluth expand: creating hundreds of good-paying jobs across the state.
To continue creating good jobs for Minnesotans, Gov. Dayton and the Legislature allocated $30 million for the Minnesota Investment Fund in the recent state budget. This dramatically increases the Minnesota Investment Fund’s budget – meaning the fund can help more businesses expand and create new jobs for Minnesotans.
The Minnesota Investment Fund is great deal for Minnesotans. The Department of Employment and Economic Development estimates that for every $1 provided, the fund returns $33 in private investment. During the past eight years, the Minnesota Investment Fund spent only $7 million to attract more than $587 million in private economic development!
In the future, the Minnesota Investment Fund is expected to attract $800 million in private business investment. This new investment will positively impact on our economy and help create thousands of new jobs for Minnesotans.
The Minnesota Investment Fund and similar programs like the Minnesota Job Creation Fund and Growth Acceleration Program are critical to growing the state’s economy and creating sustainable, good paying jobs in the future.