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Business Incentives

Rice County is committed to meeting the financial and tax needs of our business partners. This includes finding creative solutions to financial needs, helping to identify resources, understanding the role of tax incentives in determining business location and growth needs. We are positioned well to assist in such programs as the Rice County Business Assistance Policy, Tax Abatement Policy & Application, and Revolving Loan Policy & Application. Below is a list of the resources we have at our disposal.

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State of Minnesota

http://www.positivelyminnesota.com/Business/Financing_a_Business/DEED_Business_Finance_Programs/index.aspx

http://www.positivelyminnesota.com/Business/Financing_a_Business/DEED_Business_Finance_Programs/Indian_Business_Loan_Program.aspx

Minnesota Angel Tax Credit
The Minnesota Angel Tax Credit provides incentives to investors or investment funds that put money into startup and emerging companies focused on high technology or new proprietary technology. The credit provides a 25% individual tax creidt for qualified invesots and allows a maximum credit of $125,00 per individual annually. Sponsored by the the Minnesota Angel Network (www.mnan.org). For more information visit www.positivelyminnesota.com/angelcredit

Minnesota Investment Fund (MIF)

The MIF focuses on industrial, manufacturing, and technology-related industries, providing grants to help add new workers and retain high-quality jobs on a statewide basis. Grants are awarded to local units of government who provide loans to assist expanding businesses.  All projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. There is a maximum of $500,000 per grant. For more information visithttp://www.positivelyminnesota.com/Business/Financing_a_Business/DEED_Business_Finance_Programs/Minnesota_Investment_Fund.aspx

MN Job Skills Partnership
Through the Minnesota Jobs Skills Partnership program we work strategically with businesses and educational institutions to train or retrain workers, expand work opportunities, and keep high-quality jobs in the state. Training grants are used to offset training-related expenses incurred by business, industry and educational institutions necessary to meet current and future workforce needs. For more information visithttp://www.positivelyminnesota.com/All_Programs_Services/Minnesota_Job_Skills_Partnership_Program/index.aspx

Innovative Business Development Public Infrastructure Grant Program
Promotes growth in the area of bioscience-based business by providing grants to local governments for up to 50 percent of the capital costs directly related to bioscience business operations. Eligible capital improvement projects include manufacturing; technology; warehousing and distribution; research and development; bioscience business incubator; agricultural bio-processing; and/or capital costs for industrial, office or research park development that is bioscience-related.  For more information visithttp://www.positivelyminnesota.com/About_Us/Legislative_Focus/Annual_Program_Summaries/Innovative_Business_Development_Public_Infrastructure_Grant_Program.aspx