Business grants and loans

CMMA is a huge advocate in educating members and developing their workforce. And with manufacturing being one of the largest industries in Central MN, we want to make sure we offer resources to our members that help them expand and grow to their full potential. Minnesota offers a number of loans and grants for you to:

Locate and expand your business: https://joinusmn.com/doing-business-here/location-expansion-assistance/index.jsp
Start a business: https://joinusmn.com/doing-business-here/launch-your-startup/index.jsp
Train your workforce https://joinusmn.com/doing-business-here/find-great-talent/index.jsp

We are also including some of our favorite business assistance programs available to you:

Incumbent Worker program is business-driven funding assistance to qualifying Minnesota businesses to provide skills training to full-time (at least 32 hours per week), permanent employees. https://www.cmjts.org/business-services/
MN Investment Fund offers loans up to $1,000,000 loan and focuses on industrial, manufacturing, and technology-related industries. Funding is provided to local units of government, which use the money to provide below-market rate loans to help companies expand. Funding may be used to purchase land, machinery and equipment. https://mn.gov/deed/business/financing-business/deed-programs/mif/
MN Dual-Training Pipeline and Apprenticeship Program help your business grow skilled workers, customize your employee training and develop a diverse workforce that fits your company’s needs. https://www.dli.mn.gov/business/apprenticeship-and-dual-training
MN Job Creation Fund provides grants of up to $1 to $2 million to help businesses grow and create jobs. https://mn.gov/deed/business/financing-business/deed-programs/mn-jcf/
MN Job Training Incentive Program offers grants of up to $200,000 for businesses to provide training for at least three new jobs new jobs outside the seven-county metro area or in Hanover, Rockford, Northfield and New Prague. https://mn.gov/deed/business/financing-business/training-grant/jtip/
MN Automation Training Incentive Program provides grants of up to $25,000 are available to small businesses in the manufacturing or skilled production industry for the express purpose of training incumbent workers as quickly and effectively as possible on new automation technology. https://mn.gov/deed/business/financing-business/training-grant/atipp/
MN Job Skills Partnership Program partners with businesses and schools to train or retrain workers, expand opportunities, and keep high-quality jobs in the state. Grants of up to $400,000 are awarded to educational institutions that partner with businesses to develop new-job training or retraining for existing employees. https://mn.gov/deed/business/financing-business/training-grant/partnership/
On-the-Job Training program can offer businesses a reimbursement of up to 50% of the trainee’s wages when they agree to hire an eligible worker. https://www.cmjts.org/business-services/

Here are a few other business resources that are beneficial to your growth:

Initiative Foundation: https://www.ifound.org/economy/business-financing/

Join Us MN: https://joinusmn.com/

MN Business Finance Corporation: https://mbfc.org/

MN Department of Employment and Economic Development (DEED): https://mn.gov/deed/business/

MN Department of Labor and Industry (DLI): https://www.dli.mn.gov/business/apprenticeship-and-dual-training

Small Business Development Center: https://mn.gov/deed/business/help/sbdc/find-sbdcs/