Business development funding this year will help create or retain 4,750 jobs and leverage over $1 billion in private investment

ST. PAUL, MN - Minnesota Governor Tim Walz today announced that state business development programs have helped create or retain a record 4,750 jobs in Minnesota this fiscal year.

Since July 1, 2024, the Department of Employment and Economic Development’s (DEED) Job Creation Fund and Minnesota Investment Fund have supported 23 business expansions that will collectively create or retain nearly 4,750 jobs - the most since the programs’ inception in 2004. The two programs have provided $35 million in funding, leveraging nearly $1.2 billion in outside business investment this fiscal year.

“Minnesota has shown the country that we’re not just one of the best states to start a business - we’re proving to be one of the best states to grow one too,” said Governor Walz. “We’re proud to support the growth and expansion of strong businesses that are tackling some of our world’s greatest challenges, while creating thousands of good-paying jobs for Minnesota families.”

“Setting a new record for DEED-assisted business expansions says a lot about Minnesota's healthy business environment,” said DEED Commissioner Matt Varilek. “Minnesota is a global leader in advanced manufacturing, health care, innovative discovery and so much more, and we’re excited to work with more businesses helping us stay on that cutting edge.”

The Job Creation Fund (JCF) provides financing to new and expanding businesses that meet certain job creation and capital investment targets. The Minnesota Investment Fund (MIF) provides loans for capital equipment to help businesses add new workers and retain high-quality jobs, with a focus on industrial, manufacturing, and technology-related industries.

These programs - along with the Minnesota Forward Fund, which provides funding to support large-scale business expansions - form the core of DEED’s business financing operations. Last fiscal year, the three programs leveraged nearly $1.5 billion in outside investment for business expansions around Minnesota, creating or retaining 3,500 new jobs.

Today, DEED is announcing $3.7 million in JCF or MIF funding for three business expansion projects, which are expected to create 337 jobs and leverage around $56 million in outside investment. The following projects received funding:

ALTER TECHNOLOGY US, Plymouth - JCF $175,000, MIF $100,000
ALTER TECHNOLOGY US provides back-end related semiconductor services as well as radiation engineering and test services with a focus on high reliability products that serve the aerospace, medical equipment, non-classified defense, and industrial markets. ALTER TECHNOLOGY US will invest initially $4.5 million to set up a semiconductor testing facility in Plymouth. The project is expected to create 15 jobs within the first three years.

Beckman Coulter Inc., Chaska - JCF $1,740,000, MIF $1,250,000
A global leader in advanced diagnostics, Beckman Coulter Diagnostics solutions are used in complex clinical testing, and are found in hospitals, reference laboratories, and physician office settings around the globe. Every hour around the world, more than one million patient samples are tested on Beckman Coulter Diagnostics systems benefiting 1.2 billion patients and over three million clinicians each year. The company will invest an estimated $50 million in expanding their clinical diagnostics manufacturing at their current Chaska location. The total project is expected to create 300 jobs.

Cytotheryx, Inc., Rochester - JCF $140,000, MIF $325,000
Cytotheryx, Inc. is a biotechnology company focused on developing cell-based therapies for acute, chronic, and rare forms of liver disease, enabled by their proprietary bio-incubator that propagates functional cells of the liver. With a total cost of nearly $1.4 million, the proposed project will renovate an existing 18,000-square-foot facility in Rochester. The project is expected to create 22 jobs in the first three years.