SAINT PAUL – Today, the Minnesota Department of Economic Development announced that the Minnesota Job Creation Fund has paid enormous dividends for Minnesota in its first year. With just $16 million in state funds, 31 companies have made commitments to invest $344 million in business developments that will create more than 1,800 jobs across Minnesota.
The Minnesota Job Creation Fund, proposed by Governor Dayton and authored by Rep. Tim Mahoney (DFL-Saint Paul), has been hailed as one of the most innovative finance programs in the country. Eligible businesses must work with local governments and be engaged in activities such as manufacturing, warehousing, distribution, and technology.
Rep. Mahoney issued the following statement:
“With the tiny investment of just $16 million dollars Minnesota has been able to attract business investments of nearly $350 million that will create more than 1,800 good paying jobs. This program has been astonishingly successful. We’re not only supporting business growth in Minnesota for pennies on the dollar, we’re creating jobs with wages and benefits that Minnesotans will be able to support families on.
“In light of this amazing success, I’m hopeful that the House Republicans will reverse course and not cut more than $20 million from the Job’s Committee’s overall budget. In a time of surplus, it would be foolish to use funds that could be leveraged to create thousands of jobs for Minnesotans instead to cut taxes for the top 1% of wage earners.”
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