Minnesota Forward Fund
Minnesota Forward Fund supports businesses, communities, and higher education institutions with major investments and related projects to create or retain jobs and strengthen Minnesota’s economy.
Funder: Minnesota Department of Employment and Economic Development
Due Dates: Rolling (General, CHIPS Act, and Consolidated Appropriations Act applications; until funds are committed)
Funding Amounts: $390 million appropriated; general business funding capped at $15 million per business; category-specific limits apply
Summary: The fund supports major Minnesota business investments, business-site development, quality jobs, and projects matching specified federal funding.
Key Information: Business projects need a resolution of support from the municipality or local unit of government where they are located.
Description
Administered by the Minnesota Department of Employment and Economic Development (DEED), the Minnesota Forward Fund is a closing fund for attracting, retaining, and expanding businesses and developing properties for business use. It provides grants and loans to businesses making large private capital investments, and grants to communities and higher education institutions supporting eligible investments and related activities. Business needs may include machinery and equipment, construction and remodeling, land development, infrastructure, and working capital.
The fund aims to create or retain permanent private-sector jobs, leverage investment, strengthen regional economic opportunity, and improve job quality through wages, duties, training, or education. It also supports productivity gains through improved manufacturing or new technologies. Dedicated funding matches specified federal investments in semiconductor projects, bio-industrial manufacturing, and aerospace research, development, and testing.
