North Freeze Dry LLC Awarded DEED Funding
The Department of Employment and Economic Development’s (DEED) Job Creation Fund awarded six Minnesota businesses funds, one of which is North Freeze Dry LLC of Little Falls.
On September 8th, DEED announced that they would be awarding $2.1 million to aid the six chosen Minnesotan businesses with expansion. The projects are expected to leverage $123 million in investments from the companies and create 381 new jobs over the next three years.
North Freeze Dry LLC is a startup partnership that will manufacture freeze-dried pet food. The total project is expected to cost over $30 million and include a new 85,000-square-foot processing facility. The project is expected to create 57 qualifying jobs over the next three years, with added help from a $375,000 loan from the Minnesota Investment Fund. The project will receive the Job Creation Fund money once established criteria are met.
The Job Creation Fun provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs for constructing or renovating facilities or making other property improvements.
All projects also received an award from the Minnesota Investment Fund, which seeks to provide loans 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 the economic vitality for all Minnesotans.