ST. PAUL — Milk Specialties Company will be expanding its production capacity in Clara City with the help of funding from the Job Creation Fund and the Minnesota Investment Fund, according to a news release from the Minnesota Department of Employment and Economic Development.
Milk Specialties Company is expanding by adding a third extrusion line and improving building infrastructure in the facility. The total project cost is $2.38 million and is supported with $175,000 from the Job Creation Fund and a $450,000 loan from the Minnesota Investment Fund. The company expects to create 55 qualifying jobs within the first three years. Funding will be awarded once the projects meet the established criteria.
Milk Specialties Company is one of 11 companies receiving up to $6 million in funding through the Department of Employment and Economic Development to invest in their business and bring jobs to local communities.
The 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 property improvements. Companies investing more than $25 million are eligible for up to $2 million in benefits. Eight Minnesota companies received awards.
Seven companies received a Minnesota Investment Fund award. The investment fund provides loans of up to $1 million to companies that create and retain high-quality jobs with a focus on industrial, manufacturing and technology-related industries to increase the local and state tax base and improve Minnesota’s economic vitality.
