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#2 <br />¨³¸ ®¥  ¬²¤¸ <br />%¢®­®¬¨¢ $¤µ¤«®¯¬¤­³ <br />0±®©¤¢³ &¨­ ­¢¨­¦ 4®®«² <br /> <br /> <br /> <br /> <br /> <br />MINNESOTA INVESTMENT FUND (MIF) <br /> <br />This program works by providing below market gap financing to new and expanding businesses. The MIF <br />Fund is designed to work with other financing tools in the marketplace. Key elements of the Minnesota <br />Investment Fund include the following: <br /> <br />PROGRAM PURPOSE: <br />To create new and retain the highest quality jobs possible on a state wide basis with a focus on <br />industrial manufacturing and technology related industries; to increase the local and state tax <br />base and improve the economic vitality for all Minnesota citizens. <br /> <br />ELIGIBILITY: <br />Cities apply on behalf of local businesses. Loans for land, buildings, equipment and training are <br />eligible. Funds may also be used for infrastructure improvements necessary to support <br />businesses located or intending to locate in Minnesota. <br /> <br />MINIMUM REQUIREMENTS: <br />All projects must meet minimum criteria for private investment; number of jobs created or <br />retained, and wages thresholds. <br /> <br />INELIGIBLE PROJECTS: <br />Working capital, retail business and new industrial park development. <br /> <br />OTHER FUNDS REQUIRED: <br />At least 50% of total project costs must be privately financed through owner equity and other <br />lending sources. Most applications selected for funding have at least 70% private financing. <br /> <br />INTEREST RATE AND TERMS: <br />Negotiated rate. Real estate a maximum of 20 years; machinery and equipment a maximum of <br />10 years. $500,000 maximum. <br /> <br />COLLATERAL REQUIREMENTS: <br />Negotiated, generally a lien against the part of the project that the funds are used against. This <br />can be subordinate to other funding sources. <br /> <br />APPROVING AUTHORITY: <br />Department of Employment and Economic Development, Ramsey EDA and Ramsey City Council. <br /> <br />DISBURSEMENT OF FUNDS: <br />Concurrent with the disbursement of other funding sources. <br /> <br /> <br /> <br />