DEED awards $5.4 million for business expansion statewide

(ABC 6 News) – The Minnesota Department of Employment and Economic Development announced $5.4 million in funding for eight businesses through the Minnesota Job Creation Fund and the Minnesota Investment Fund

The projects are expected to create more than 337 jobs over the next two years.

“The Minnesota Investment Fund and Job Creation Fund are crucial to the success of business expansion in Minnesota,” said Temporary DEED Commissioner Kevin McKinnon. “The funding announced today will support expansion that further grows Minnesota’s economy and makes way for future economic growth as well.”

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. In some cases, companies may receive awards of up to $2 million.

The Minnesota Investment Fund provides financing to help add new workers 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. Funds are awarded to local units of government who provide loans to assist expanding businesses.

Details on individual projects below:

• Nucleus Labs INC, Rochester – JCF $500,000, MIF $220,000

Nucleus Labs INC, doing business as Nucleus RadioPharma, a radiopharmaceutical company founded by Eclipse and Mayo Clinic, ensures access to potentially life-saving radiopharmaceuticals by developing technologies to modernize the clinical development, manufacturing, and supply chain of this promising new treatment in the fight against cancer.

The proposed project will finish approximately 6,500 square feet of laboratory and manufacturing at the current facility, as well as add an additional 3,500 square feet of office space. The total project cost is $5 million and is expected to create 28 jobs within the first two years at an average wage of $62.95 per hour.

“The endorsement from the City of Rochester and DEED strongly positions us to solve a complex challenge in health care and deepen our collaboration with Mayo Clinic to provide critical access to care for patients,” says Charles Conroy, CEO of Nucleus.

Nucleus seeks to overcome the current barriers with the development, manufacturing and supply of radiopharmaceuticals by folding the components into a single operation.

• Advanced Interconnect Technologies LLC, St. Cloud – JCF $341,500, MIF $125,000
• Altoz, Inc., Red Lake Falls – MIF $420,000
• Clow Stamping Company, Inc., Merrifield – JCF $840,000, MIF $450,000
• Gordini USA Inc., North Mankato – JCF $800,000, MIF $210,000
• Massman Companies Inc., Alexandria – JCF $175,000, MIF $150,000
• Nextern Inc., Maple Grove – JCF $450,000, MIF $600,000
• SCR Solutions Inc., Fergus Falls – JCF $160,000