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. In some cases, companies may receive awards of up to $2 million.
This award-winning program has been recognized for its innovation by the Economic Development Association of Minnesota.
For More Information
Contact Tom Washa at 651-259-7483 or 1-800-657-3858, or contact a DEED Business Development Manager in your area to learn about the Minnesota Job Creation Fund and other DEED programs that might be of interest to you.
The program is available to businesses engaged in manufacturing, warehousing, distribution, technology-related industries, and other eligible activities. Companies must work with the local government (city, county or township) where a project is located to apply to DEED to receive designation as a Job Creation Fund business.
To be designated as a Job Creation Fund business, a business must, at minimum:
Be engaged in an eligible business activity
Obtain local government support for their project via council resolution
Invest at least $500,000 ($250,000 for Targeted Populations*) in real property improvements within one year of becoming a designated Job Creation Fund business
Create at least 10 (5 for Targeted Populations*) new full-time permanent jobs within two years of becoming a Job Creation Fund business while maintaining existing employment numbers
Pay at least $15.87 in wages and benefits in 2024, adjusted annually based on 110% of federal poverty guidelines. The level will change again on Jan. 1, 2025.
Have other location options outside of Minnesota
Cause no undue harm to Minnesota business competitors
Certify that the project would not occur without Job Creation Fund assistance
Projects that begin prior to becoming designated by DEED are not eligible for the Job Creation Fund.
Companies that meet eligibility requirements must sign a business subsidy agreement with DEED to meet job retention, creation, wage, and capital investment requirements. The following benefits may be available once a business meets the conditions of its agreement and provides proof of performance:
$1000 ($2000 for Targeted Populations*) per year per job created for jobs paying at least $33,150 in cash wages
$2000 ($3000 for Targeted Populations*) per year per job created for jobs paying at least $44,618 in cash wages
$3000 ($4000 for Targeted Populations*) per year per job created for jobs paying at least $57,365 in cash wages
$4000 ($5000 for Targeted Populations*) per year per job created for jobs paying at least $70,113 in cash wages
Up to a 5% rebate for real property improvements for businesses located in the Twin Cities Metro
Up to a 7.5% rebate for real property improvements for business located in Greater Minnesota
*A targeted population is defined as if the business is located in Greater Minnesota or if 51% of the business is cumulatively owned by minorities, veterans, women or persons with a disability.
How to Apply to the Job Creation Fund
Applications for the Job Creation Fund are accepted year-round. Businesses must apply through the local government unit (city, county or township) where the project will be located.
In consultation with DEED, the local government unit will determine whether the business meets minimum program requirements. To assist with the process, complete this Job Creation Fund Eligibility and Application Checklist. Projects that meet the minimum requirements should contact Tom Washa, Program Manager at 651-259-7483 for an application and complete the following four-step process:
With assistance from the local government, the business submits the Job Creation Fund Application Form and required supporting documents to DEED. Completed applications may be emailed to firstname.lastname@example.org or mailed to the following address:
Program Administrator - Principal
Office of Business Finance
180 E 5th St Suite 1200
St. Paul, MN 55101
DEED evaluates the application and notifies the local government and business of approval or denial. If approved, DEED will formally designate the business as a Job Creation Fund business and determine an award amount. Awards in excess of $500,000 require DEED to hold a public hearing.
After a public hearing (if applicable), DEED drafts a business subsidy agreement specifying project goals and duration for the agreement and sends it to the business for signature. The business then returns the agreement to DEED for final signature by the DEED commissioner.
Through the duration of the business subsidy agreement, the local government will continue to provide assistance to the designated JCF business. This includes collecting required reporting information and submitting progress reports, annual reports, requests for payment, and providing updates to the business regarding updates to annually adjusted wages.
Select the links below to view, download or print these forms: