Tuesday, November 17, 2015
Minnesota Encourages Growth of Women- and Minority-Owned Businesses By Offering $15 Million in Tax Credits
Program brings great results
Since the program began six years ago, the results have been astounding. The program has attracted over $300 million for hundreds of high-tech startup companies and added hundreds of jobs to Minnesota's economy. So, the state has reserved $15 million in new credits for 2016, of which $7.5 million is reserved for investors funding minority- and women-owned businesses located in greater Minnesota.
Since it's beginning, the program has grown to include not only high-tech industries, but also businesses developing new products or services in the fields of agriculture, forestry, mining, tourism, manufacturing and transportation. Eligible small businesses must have fewer than 25 employees, in businesses no more than 10 years, and have at least 51 percent of their workers and total payroll based in the state of Minnesota.
According to The Department of Employment and Economic Development, the mission is to ensure "that all populations are well represented in the state's innovative environment."
Read more by visiting www.brainerddispatch.com/news/business/3879165-funding-available-greater-minnesota-businesses