Clara City’s Milk Specialties Company Expands Capacity With State Grant and Loan
ST. PAUL – Dairy specialties company will increase its production capacity in Clara City with the help of funding from the Minnesota Job Creation Fund and the Minnesota Investment Fund, according to a press release from the Minnesota Department of Employment and Economic Development.
Milk Specialties Company is expanding by adding a third extrusion line and improving the building infrastructure in the facility. The total cost of the project is $ 2.38 million and is supported by $ 175,000 from the Job Creation Fund and a loan of $ 450,000 from the Minnesota Investment Fund. The company plans to create 55 skilled jobs in the first three years. Funding will be provided once projects meet established criteria.
Milk Specialties Company is one of 11 companies receiving up to $ 6 million in funding from the Department of Employment and Economic Development to invest in their business and create jobs in local communities.
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment goals. Eligible businesses can receive up to $ 1 million for creating or maintaining high-paying jobs and for building or renovating facilities or making other property improvements. Companies that invest more than $ 25 million are eligible for benefits of up to $ 2 million. Eight Minnesota companies received awards.
Seven companies received awards from the Minnesota Investment Fund. The investment fund provides loans of up to $ 1 million to businesses that create and maintain high-quality jobs with a focus on industrial, manufacturing and technology industries to increase the local tax base and and improve Minnesota’s economic vitality.