Accessibility menu
State Representative John Ward
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4333
For more information contact: Ted Modrich 651-296-5809
Press/News Releases
BRAINERD RECEIVES MINNESOTA INVESTMENT FUND MONEY FOR BUSINESS EXPANSION, JOB CREATION
(ST. PAUL) — The City of Brainerd was recently awarded a grant of $100,000 from the Minnesota Investment Fund program (MIF). This money will be loaned to BTD Wood Powder Coating, Inc. to support their expansion. As a result of this, seven jobs will be created in the next two years.
The Minnesota Investment Fund is a program that helps Minnesota stay competitive by closing financing gaps faced by businesses looking to expand or locate in Minnesota, while investing in community development. Businesses that qualify for this program must have at least 50 percent of its total projected costs financed privately and most importantly, these businesses expansions must be able to create jobs.
Rep. John Ward (DFL – Brainerd) has been a strong supporter of the MIF program and congratulated the City of Brainerd and BTD Wood Powder Coating for their efforts.
“This is great news for our communities," said Rep. Ward. “Our area is still dealing with high unemployment and every job counts. Every job, public sector or private sector, counts. I want to extend my congratulations and thanks to all who made this possible.”
According to unemployment data from February, the unemployment rate in Brainerd is 14.4 percent and the rate in Crow Wing County is at 9.7 percent.
MIF grants are awarded to local units of government, which then provide the necessary loans in order to assist business expansion. Additionally, the taxes paid by these companies assisted by MIF and the new employees they bring into the workforce, more than offset MIF costs, especially when many expansions would not have taken place in Minnesota had it not been for MIF. This means that public funds are being used wisely, and each dollar is being stretched further.
“MIF is a proven strategy, already producing real results in our community and around the state,” said Rep. Ward. “With an economy that is still trying to recover, we need to focus on proven methods that will put people back to work, help our businesses, and position Minnesota for long-term success.”
The budget agreement of last session provided $3 million to be used for MIF. Since then, $1.3 million of that has been awarded, resulting in 218 new jobs. Governor Dayton and Democrats in the House and Senate have proposed an additional $10 million for the program in their Jobs Plan. Republicans agreed to hear the bill in committee, but have refused to work together on passing meaningful job creation legislation.
“The clock is ticking,” added Rep. Ward. “We still have time to work together and get the job done on behalf of the people of Minnesota. Growing jobs and strengthening our economy should be our top priorities — not constitutional amendments and tax breaks for big corporations. It’s time to get to work on proven strategies like the Minnesota Investment Fund and keep Minnesota’s economic recovery on track.”
News Items
- 2013 Legislative Session Preview - (Posted: Jan 11 2013 8:39AM)
- Assistant Majority Leader Rep. John Ward Sworn-In as Legislative Session Starts - (Posted: Jan 8 2013 2:39PM)
- Rep. John Ward Elected Assistant Majority Leader and Selected to Serve as Vice Chair of Capital Investment Committee - (Posted: 2012-12-19 00:00:00)
- Archived News Items
- Subscribe to RSS News Feeds
- Read more about RSS.