Equipment company receives assistance from Minnesota agency.
Harmony Enterprises, an equipment company headquartered in Harmony, Minn., has announced plans to expand its manufacturing operations. The company expects the expansion to result in the addition of 14 more permanent jobs, as well as a total investment of $1.1 million.
Assisting with the expansion is the Minnesota Department of Employment and Economic Development (DEED), through its Minnesota Job Creation Fund, which will award Harmony up to $215,000 to help in the expansion.
Harmony was one of a handful of companies that received a total of $2.27 million through the first round of project awards, which will assist companies in creating 240 jobs in Minnesota. Harmony Enterprises is one of five companies to receive funding in the first installation of the program.
“The Minnesota Job Creation Fund was launched Jan. 1, 2014, and is already attracting companies headquartered outside our state and country, as well as Minnesota businesses, to expand and grow in Minnesota,” says DEED Commissioner Katie Clark Sieben. “This pay-for-performance program is working statewide and allows Minnesota to compete for the most attractive business expansions that add high-quality jobs to the state's economy.”
The Minnesota Job Creation Fund is a pay-for-performance program that provides up to $1 million to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
The program is available to businesses engaged in manufacturing, warehousing, distribution, technology and other eligible activities. Companies must work with the local government (city, county or township) where a project is located to apply to DEED to receive designation as a Job Creation Fund business.
Minnesota Gov. Mark Dayton and the Minnesota Legislature allocated $24 million last spring for business incentive programs. Officials said the funding was a necessary investment that will help the state compete for new jobs and businesses.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.