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.
