Revolving Loans Funds Derived from several sources, including the Minnesota Investment Fund and Intermediary Lending Program funds from the US Department of Agriculture. The monies obtained from each source are only in ways allowed by the original source, except that the City has repaid the original IRP loan, allowing the City additional flexibility in the use of the funds. The City maintains a portfolio of loans made from these funds and uses the monies to grow and attract businesses.
Border Cities Enterprise Zone Tax Credits The Border-Cities Enterprise Zone Program provides business tax credits to qualifying businesses that are the source of investment, development, and job creation or retention. Businesses that are relocating, expanding, or existing in East Grand Forks are eligible.
Military Pensions Minnesota allows taxpayers to subtract certain military retirement pay, including pensions, when calculating taxable income.
Community Development Block Grant Benefits of the City as a whole, particularly low and moderate-income people. Tax Increment Financing TIF districts capture the taxes caused by investment and uses those funds to pay for public improvements supporting those investments.
Tax Abatement: The City has the ability to abate real estate taxes when there is a benefit to the City, pursuant to a finding that it is in the public interest to increase or preserve the tax base, provide employment opportunities, or help provide access to services for residents.
Minnesota Investment Fund This incentive provides up to $1 million in financing to help add new workers and retain high quality jobs.
The program focuses on industrial, manufacturing, and technology-based industries and aims to increase the local and state tax base and improve economic vitality.
Minnesota Job Creation Fund Provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other improvements. The maximum amount can increase to $2 million. Award amounts depend upon job creation and investment.
Greater Minnesota Business Development Infrastructure Grant Program Helps stimulate new economic development, create new jobs, and retain existing jobs through investments in public infrastructure.
Job Training Programs The Job Training Incentive Program, Minnesota Job Skills Partnership, and other programs provide training assistance for companies.