Minnesota Investment Fund

The Minnesota Investment Fund (MIF) 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.

Overview

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.

Before You Apply

Use this checklist to determine if your project may be eligible for MIF financing. You must meet ALL of the conditions on the checklist to be eligible to apply. 

See the Answers to Frequently Asked Questions document for more information.

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).

Prevailing Wage Requirements

Projects that receive $500,000 or more in MIF assistance are subject to prevailing wage requirements. See more about Prevailing Wage Requirements or review this Prevailing Wage Fact Sheet.

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.

Flood Recovery

MIF 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.

For More Information

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


Apply

As of July 1, 2015, we're using a single application for the MIF Program.  If applying after July 1, you must use the new form. If you began submitting a project application prior to July 1st, contact your DEED loan officer for the required supplemental forms.

Applications are accepted on a year-round basis.

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

A local unit of government must contact the DEED Office of Business Finance on behalf of the business 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 will be directed to submit an application on behalf of the business. The application includes sections that both the local government unit and the business must complete.

Application forms, submission checklists and next steps are available 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

The following forms are needed to apply for MIF financing. There are also checklists accompanying 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 (see Contacts tab) to discuss their application prior to submission.

State Loan Forms

Local units of government (LUGs) will need the form listed below to complete the application process. Download and save the document to your computer. To complete the fillable PDF document, open the file and use the TAB key to move to each new field on the form. Completed forms should be printed, signed and submitted. 

Resources/checklists:

Federal Loan Forms

Local units of government will need every form or document listed below to complete the application process. To complete the fillable PDF 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 MIF Single Application Form – contact your DEED loan officer to obtain a form.
  • Federal MIF Application Checklist – contact your DEED loan officer to obtain a checklist.

Revolving Loan Fund Guides

Federally Funded Revolving Loan Fund

  • Guidelines
    When a MIF 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.
  • Annual Report Form
    The U.S. Department of Housing and Urban Development requires that all local governments that receive HUD CDBG-ED funds from DEED’s MIF report annually on the status of these dollars if placed in a revolving loan fund account. Complete the following form(s) and return no later than October 25, 2015 .

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 MIF re-use policies, which are guided by state law.
  • Annual Report Form
    DEED is collecting information on the status of local revolving loan funds seeded by state-funded MIF. Complete the following form and return it to your DEED loan officer no later than October 25, 2015 .

For More Information

Questions about the use of revolving loan funds? Contact the DEED loan officer in your region (see Contacts tab).

Funding Map

Business Finance Awards


Use this interactive map to see where MIF projects are located throughout Minnesota.

You can see the amount of the awards, project costs, new jobs created, average wages and more for each project and download the data.

View the funding awards map.

The map will open in a new window.

Data for other DEED business finance programs is also available.

Contacts

loan officers.jpgContact a Regional Representative

Each region of the state has an assigned senior loan officer who can answer questions about MIF. 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 1 Loan Officer
Counties: Kittson, Marshall, Norman, Pennington, Polk, Red Lake, Roseau
Contact: Jordan Zeller
651-259-7426
Jordan.Zeller@state.mn.us
Region 2 Loan Officer
Counties: Beltrami, Clearwater, Hubbard, Lake of the Woods, Mahnomen
Contact: Jordan Zeller
651-259-7426
Jordan.Zeller@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: Jordan Zeller
651-259-7426
Jordan.Zeller@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
Bradley.Simenson@state.mn.us
Region 6W Loan Officer
Counties: Big Stone, Chippewa, Lac Qui Parle, Swift, Yellow Medicine
Contact: Brad Simenson
651-259-7428
Bradley.Simenson@state.mn.us
Region 7E Loan Officer
Counties: Chisago, Isanti, Kanabec, Mille Lacs, Pine
Contact: Chinwe Ngwu
651-259-7427
Chinwe.Ngwu@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
Bradley.Simenson@state.mn.us
Region 9 Loan Officer
Counties: Blue Earth, Brown, Faribault, Le Sueur, Martin, Nicollet, Sibley, Waseca, Watonwan
Contact: Abdullahi (Moe) Mohamed
651-259-7456
Abdullahi.Mohamed@state.mn.us
Region 10 Loan Officer
Counties: Dodge, Fillmore, Freeborn, Goodhue, Houston, Mower, Olmsted, Rice, Steele, Wabasha, Winona
Contact: Abdullahi (Moe) Mohamed
651-259-7456
Abdullahi.Mohamed@state.mn.us
Region 11 Loan Officers
Counties:
Contact:
Carver
Brad Simenson
651-259-7428
Bradley.Simenson@state.mn.us
Counties:
Contact:
Dakota
Jordan Zeller
651-259-7426
Jordan.Zeller@state.mn.us
Counties:
Contact:
Scott
Abdullahi (Moe) Mohamed
651-259-7456
Abdullahi.Mohamed@state.mn.us
Counties:
Contact:
Washington, Anoka
Chinwe Ngwu
651-259-7427
Chinwe.Ngwu@state.mn.us
Counties:
Contact:
Hennepin, Ramsey
Bart Bevins
651-259-7424
Bart.Bevins@state.mn.us