INCENTIVES AND FINANCING

Itasca Economic Development Corporation has a long history of success helping local businesses access start up or expansion capital and incentives. We will work with your company to package the optimal financing and incentives based on your project needs. The following state, regional and local programs are available in the Itasca County area:

Iron Range Resources and Rehabilitation Board

Companies in most areas of Itasca County are eligible to apply for loans through the Iron Range Resources and Rehabilitation Board (IRRRB). Interest rates are well below market, as low as Treasuries minus 3%. Forgivable loans, based on achievement of job related milestones, are also possible. Proceeds can be used to finance real estate, equipment, or working capital.
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Northland Foundation

The Northland Foundation is a non-profit organization dedicated to addressing economic and social needs in our area. The Northland Foundation provides project financing at below market rates to eligible borrowers.
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Minnesota Investment Fund

The Minnesota Investment Fund provides grants to help add new workers and retain high-quality jobs on a statewide basis. The focus is on industrial, manufacturing, and technology-related industries. Grants are awarded to local units of government who provide loans to assist expanding businesses.
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Minnesota Community Capital Fund

MCCF leverages millions of dollars in underutilized Revolving Loan Fund capital, on behalf of local communities and economic development organizations throughout Minnesota. This flexible loan fund provides participants with the capability to offer much larger loans than would otherwise be possible with limited local resources. Loans range up to $2.5 million.
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Minnesota Job Skills Partnership Program

MJSPP acts as a catalyst between business and education in developing cooperative training projects for new and existing employees. Grants up to $400,000 are awarded to an educational institution such as Itasca Community College with a partnering business. A cash or in-kind contribution from the business must match program funds on a minimum of a one-to-one basis. Funds may be used for training related costs or educational infrastructure improvements necessary to support a business locating or expanding in Minnesota.
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North Star Fund (Contact IEDC at 218-326-9411)

North Star Fund is a local, private venture capital fund which takes equity positions or makes subordinated loans to start up or emerging companies. North Star Fund is a member of Rain Source Capital which enables leveraging additional funds to make larger investments if needed.

"IEDC is a valuable resource to the businesses that provide jobs in Itasca County.  In the course of IEDC’s 30-year history, thousands of area businesses, both large and small, startup and existing, have been assisted by the organization’s knowledgeable staff and consultants. 

The work is done on a confidential basis and therefore almost never makes the front page news.  We can thank IEDC for helping create thousands of jobs in the Itasca area.  If you are looking to grow your business, IEDC has the resources available to assist you."

Peter McDermott, President & CEO Minnesota Diversified Industries



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