According to the Minnesota Department of Employment and Economic Development (DEED) Press Release on December 31st, 2014, four of our local businesses will be expanding to the tune of 16 additional jobs in our area!
December 31, 2014
Madeline Koch, 651-259-7236
ST. PAUL – Four small businesses in Minnesota are expanding with assistance from the Greater Minnesota Job Expansion Program, a new initiative that was launched this fall by the Minnesota Department of Employment and Economic Development (DEED).
The businesses are PurNet Inc. in Worthington, Step Saver Inc. in Morton, and Monsanto operations in Olivia and Glyndon. They are planning to invest a total of $12.8 million on expansion projects that will result in 16 new jobs.
“Small businesses employ the majority of the Minnesota workforce and are vital to growing our economy,” said DEED Commissioner Katie Clark Sieben. “This new program is encouraging job growth and contributing to the economic health of our communities in Greater Minnesota.”
In exchange, the four businesses will receive state sales tax refunds totaling nearly $550,000. DEED certifies businesses to participate in the program and will monitor them to ensure that they achieve hiring and wage commitments.
Public utilities or businesses engaged in retail sales, lobbying, gambling, entertainment, professional sports, political consulting, leisure, hospitality or professional services are not eligible to participate.
To qualify for the refund, a business must have operated in Greater Minnesota for at least one year and must commit to expanding its workforce at a single facility. The business must increase full-time employment at the facility by two employees or 10 percent of current employment, whichever is greater, within three years.
Under the Greater Minnesota Job Expansion Program, participating businesses outside the seven-county Twin Cities area can receive state sales tax refunds on all purchases made during a seven-year period. Companies have three years to meet their employment goals. – DEED News Center
Summary of the projects:
The medical supply material management company is planning a $1.85 million expansion and will add five full-time jobs at $14 an hour. PurNet was awarded a state sales tax refund of $100,000, which it will receive over the next seven years.
Step Saver Inc., Morton
The manufacturer of salt products and mobile application delivery equipment is planning a $515,000 expansion. Step Saver Inc. was awarded a $50,000 state tax refund, which it will receive over the next seven years. The company will add two full-time jobs at $15 an hour.
The provider of agricultural products is planning a $4.6 million expansion of its Olivia operations and will add five full-time jobs at $30.29 an hour. The company was awarded a state tax refund of $150,000, which it will receive over the next seven years.
The provider of agricultural products is adding four full-time jobs at $24.04 an hour and spending $5.8 million to expand its facilities in Glyndon. The company was awarded a state tax refund of $250,000, which it will receive over the next seven years.
What is DEED?
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed .
Great news for our small SW Minnesota towns!MVTV Wireless ‘Connecting Rural Minnesota’ • FaceBook
• Twitter (@RuralTechnology)