Loans

Milk Specialties Company in Clara City expanding capacity with state grant, loan

Milk Specialties Company in Clara City expanding capacity with state grant, loan
Written by Publishing Team

St. PAUL – Milk Specialty Company will expand its production capacity in Clara City with the help of funding from the Job Creation Fund and the Minnesota Investment Fund, according to a press release from the Minnesota Department of Employment and Economic Development.

The Milk Specialty Company is expanding by adding a third extrusion line and improving the facility’s building infrastructure. The total project cost is $2.38 million and is supported by $175,000 from the Job Creation Fund and a $450,000 loan from the Minnesota Investment Fund. The company expects to create 55 qualified jobs during the first three years. Funding will be awarded once the projects meet the specified criteria.

The Milk Specialty Company is one of 11 companies receiving up to $6 million in funding through the Department of Employment and Economic Development to invest in their businesses and bring jobs to local communities.

The Job Creation Fund provides financial incentives to new and expanding companies that meet certain job creation and capital investment goals. Eligible businesses may receive up to $1 million to create or maintain high-paying jobs and to construct or renovate facilities or make other property improvements. Companies that invest more than $25 million are eligible for up to $2 million in interest. Eight Minnesota companies received awards.

Seven companies have received the Minnesota Investment Fund Award. The investment fund provides loans of up to $1 million to companies that create and maintain high-quality jobs with a focus on industrial, manufacturing, and technology industries to increase the state and local tax base and improve Minnesota’s economic vitality.

About the author

Publishing Team

Leave a Comment