DEED Announces $4.2 Million for Business Expansion

St. Paul, MN – The Minnesota Department of Employment and Economic Development (DEED) today announced $4.2 million in business expansion funding for three projects across Minnesota. The projects are expected to create or retain 587 jobs and leverage more than $270 million in private investment.

“DEED’s business expansion programs create unique opportunities for businesses to boost local economies by creating jobs and stimulating local markets,” said DEED Commissioner Matt Varilek. “I look forward to seeing the positive impact felt not only by these communities, but also by the companies expanding there.”

The Job Creation Fund (JCF) provides financing to new and expanding businesses that meet certain job creation and capital investment targets. The Minnesota Investment Fund (MIF) provides loans for capital equipment to help businesses add new workers and retain high-quality jobs, with a focus on industrial, manufacturing and technology-related industries.

Details on individual projects below:

Boston Scientific, Maple Grove – JCF $1,660,000, MIF $1,000,000

Boston Scientific Corporation is a global medical technology leader that provides a broad range of high-performance solutions that address unmet patient needs and reduce the cost of health care. The total project investment includes an estimated $131 million to expand their facility by approximately 52,500 square feet, adding manufacturing and office space, as well as machinery and equipment. The project is expected to create 440 new jobs within the first three years.

Boston Scientific Corporation previously received JCF and MIF funding to construct their other Maple Grove facility in 2023.

Louis Industries Inc., Paynesville – JCF $175,000, MIF $325,000

Louis Industries, Inc., is a modernized steel processing and manufacturing facility equipped with the latest technology in steel tailoring and quality control. The proposed project will add additional manufacturing and office space, expanding the current facility by 42,000 square feet and allowing for the addition of powder coating and lead assembly. The company will invest $7.7 million into the expansion project and will create 15 new jobs within the first two years.

West Fraser US EWP LLC, Solway – JCF $1,077,535

West Fraser US EWP LLC produces engineered wood products used widely in construction, renovation, manufacturing and packaging. The company will invest $137 million to renovate an existing building and improve the operating site in Solway, west of Bemidji. The project is expected to retain 132 jobs.

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. Find out how DEED delivers for Minnesota by visiting the DEED website,  JoinUsMn.com, CareerForceMN.com or follow us on X.

###

Upon request, this information can be made available in alternate formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161.