Minnesota Investment Fund

Overview

Funds are awarded to local units of government who provide loans to assist expanding businesses. Cities, counties, townships and recognized Indian tribal governments are eligible for this fund.

Before You Apply

Use this checklist to determine if your project may be eligible for MIF financing. You must meet ALL of the conditions on the checklist to be eligible to apply.

See the Answers to Frequently Asked Questions document for more information. 

Project Requirements

All projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. Only one award per state fiscal year may be provided to a government unit.

At least 50 percent of total project costs must be privately financed through owner equity and other lending sources (most applications selected for funding have at least 70 percent private financing).

Prevailing Wage Requirements

Projects that receive $500,000 or more in MIF assistance are subject to prevailing wage requirements. See more about Prevailing Wage Requirements or review this Prevailing Wage Fact Sheet.

Jobs and Wages

All projects must meet minimum job and wage goals. For questions about how to determine wage levels, please refer to the Wage and Benefit Guidelines.

Terms and Interest

Terms are for a maximum of 20 years for real estate and a maximum of 10 years for machinery and equipment. Interest rates are negotiated.

Flood Recovery

MIF has flood-recovery funding to provide loans to businesses directly and adversely affected by flooding. MIF flood-recovery funds are awarded to local units of government, which use the funding to make loans to individual businesses. For more information, see our Flood-Recovery Financing section.