Watch This: Governor Announces New Initiative to Grow Businesses, Create Jobs

GMD

Yesterday, Governor Mark Dayton and Commissioner Katie Clark Sieben announced a new effort to grow small businesses and create jobs. By repurposing a previously underutilized source of federal funding, the Department of Employment and Economic Development (DEED) has created a new $6.7 million Angel Loan Fund to help with business startup costs for entrepreneurs and give a boost to small and growing businesses.

Here is what you need to know about yesterday’s announcement:

  • This Initiative Will Help Create Thousands of New Jobs – The new Angel Loan Fund will help create an estimated 3,000 new jobs in Minnesota, and leverage a projected $150 million in additional private investment in Minnesota’s economy. The state has set a goal of attracting $10 of private investment for every dollar provided through this program.
  • Access to Capital is in High Demand – These new funds are being made available at a crucial time. Venture capital funding is at its lowest point since the 1990s, with entrepreneurs facing a tight lending market nationwide and tough competition for available capital resources.
  • Angel Loan Fund Builds on an Already Successful Initiative The Angel Loan Fund is a supplement to Minnesota’s successful Angel Tax Credit, which has already delivered more than $137 million to help hundreds of startup companies across the state since that program was launched in July 2010.
  • Minnesota’s Economy is Growing – Since 2011, Minnesota has gained over 122,000 new jobs – regaining all of the jobs lost during the Great Recession. Forbes recently ranked Minnesota the eighth-best state to do business in the United States, and the U.S. Department of Labor reported Minnesota had the fifth-fastest growing economy in the nation in 2012.

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