Minnesota Forward Fund

Program Information

Program Purposes

The Minnesota Forward Fund has the following purposes:

• Create and retain permanent private-sector jobs in order to create above-average economic growth consistent with environmental protection
• Stimulate or leverage private investment to ensure economic renewal and competitiveness
• Increase the local tax base, based on demonstrated measurable outcomes, to guarantee a diversified industry mix
• Improve the quality of existing jobs, based on increases in wages or improvements in the job duties, training, or education associated with those jobs
• Improve employment and economic opportunity for residents in the region to create a reasonable standard of living, consistent with federal and state guidelines on low to moderate income persons
• Stimulate productivity growth through improved manufacturing or new technologies
• Match or leverage private or public funding to increase investment and opportunity in the state

Program Uses

The Minnesota Forward Fund can be used to:

• Provide grants and loans to businesses that are making large private capital investments in new and existing industries
• Make grants to communities and higher education institutions to support such capital investments and related activities to support new and existing industries
• Address capital needs of businesses for machinery and equipment purchases, building construction and remodeling, land development, infrastructure, and working capital

Program Appropriation

The 2023 Minnesota Legislature appropriated $400 million to the Minnesota Forward Fund.  Of that amount:

• $50 million is to provide businesses with matching funds required by federal programs
• $100 million is to match existing federal funds made available in the Consolidated Appropriations Act, Public Law 117-328, to be used to:
  • Construct and operate a bio-industrial manufacturing pilot innovation facility, biorefinery, or commercial campus utilizing agricultural feedstocks
  • Develop a Minnesota aerospace center for research, development, and testing
• $250 million is to match federal funds made available in the Chips and Science Act, Public Law 117-167
  • Up to 15% of a total project cost, with maximum total project cost of $75 million per project, may be matched for a CHIPS Act project
• DEED may transfer amounts between these three appropriations

Program Limits

• Individual business expansion projects are limited to no more than $15 million in Minnesota Forward Fund grants and loans combined
• Total funding per business from the Minnesota Forward Fund is limited to $15 million, of which no more than $10 million may be grants
• DEED is not precluded from using also other funding sources, such as the Minnesota Investment Fund or the Job Creation Fund, to facilitate a project

Program Administration

• Eligible applicants need to submit an application; see the Apply Tab
• Applications by a business need to include a resolution of support for the project from the municipality or local unit of government in which the project is located
• Grant and loan agreements under the Minnesota Forward Fund may not exceed more than ten years

For More Information

For questions, contact Chinwe Ngwu, 651-259-7456 or chinwe.ngwu@state.mn.us.

Apply

Businesses apply for Minnesota Forward Fund assistance with DEED. Applications are accepted on a year-round basis, subject to funds availability. There are three different applications:

• Minnesota Forward Fund Application PDF (general)
• Minnesota Forward Fund and Consolidated Appropriations Act Application PDF (bio-industry and aerospace projects with CAA funding)
• Minnesota Forward Fund CHIPS Act Application PDF (semiconductor chip)

Funding Awards

Use this interactive funding awards map to see where Minnesota Forward Fund projects are located throughout Minnesota.

You can see the amount of the awards, new jobs created, average wages and more for each project and download the data.