Minnesota Job Creation Fund wins economic development initiative award
The Economic Development Association of Minnesota (EDAM) awarded the state's Minnesota Job Creation Fund the "2015 Economic Development Initiative" award during the Excellence in Economic Development Awards ceremony for the program's creative app...
The Economic Development Association of Minnesota (EDAM) awarded the state's Minnesota Job Creation Fund the "2015 Economic Development Initiative" award during the Excellence in Economic Development Awards ceremony for the program's creative approach to economic development.
The Minnesota Job Creation Fund was first proposed by Gov. Mark Dayton to encourage job growth in the state and provide expansion support funding to businesses. Under the program, no funding leaves the state until companies meet job creation and investment thresholds.
"Gov. Dayton and I are committed to supporting the growth of Minnesota's economy and the creation of good jobs. Over the past few years, the Minnesota Job Creation Fund has been a crucial tool for leveraging private investment and spurring new development," said Lt. Governor Tina Smith, in a news release. "On behalf of the Administration, I thank the EDAM for the work of their members and for this award."
The Minnesota Department of Employment and Economic Development (DEED) has awarded $13.3 million to 26 companies in Minnesota since the Job Creation Fund was launched in January 2014. Those companies have committed to creating more than 1,356 new full-time jobs and plan to invest more than $251 million to expand.
"We are truly honored to receive this award from EDAM that recognizes our innovative, pay-for-performance approach to economic development," said DEED Commissioner Katie Clark Sieben. "Minnesotans and our state's economy are benefitting from investments made through the Job Creation Fund that is spurring job growth throughout our state."
The Minnesota Job Creation Fund also has a national reputation. Last November, DEED and the Job Creation Fund were recognized by the Council of Development Finance Agencies (CDFA) for a range of programs to promote economic development by enhancing access to capital.
The Economic Development Association of Minnesota was formed as the Minnesota Industrial Development Association in 1967 to provide development professionals a forum for exchanging information and staying abreast of current economic development strategies and practices.
The Minnesota Department of Employment and Economic Development is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.