In partnership with the Minnesota Department of Employment and Economic Development (DEED), the City of Hutchinson can bring a number of financial resources to bear to help companies grow and expand (subject to the various approvals needed). These include:
$1 Lot Program
For qualifying companies, Hutchinson can provide a certified “shovel-ready” industrial lot for $1, with no assessments. To qualify, firms must be engaged in manufacturing, warehousing or call center operations and meet job creation and wage goals established by the City.
Minnesota Investment Fund (MIF)
The Minnesota Investment Fund could provide a low-interest loan of up to $500,000 for equipment. The program provides funds on a formula of $24,000 per job created within a two year period, assuming $14 – $15 / hour jobs. If, for example, the company were to commit to creating 21 jobs within two years of the plant opening, then $500,000 could be borrowed. The interest rate could potentially be as low as 0%.
Minnesota Job Creation Fund
The Job Creation Fund is a “pay-for-performance” assistance program for companies meeting certain job creation and capital investment targets. Companies deemed eligible may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. In some cases, companies may receive awards of up to $2 million.
Minnesota Job Skills Partnership
The Minnesota Job Skills Partnership program focuses on providing training for both new and existing employees of participating businesses.
Participating businesses must partner with an accredited Minnesota educational institution. Grants of up to $400,000 are awarded to the educational institution to develop and deliver training specific to the business’ needs. A cash or in-kind contribution from the participating business must match grant funds on at least a one-to-one basis.
Job Training Incentive Program
This program provides training grants of up to $100,000 to new or expanding businesses located in Greater Minnesota.
Funds may be used to pay direct training costs for workers in new jobs including trainee wages for on-the-job training, curriculum development, delivery of training, materials and supplies, training equipment and facilities, and trainer travel and lodging costs. Funds may also be used for assessment, testing and certification costs. Training may be provided in-house, by institutions of higher education, by federal, state, or local agencies, by consultants, or equipment vendors.