December 26, 2017
In the News
Aluminum recycler Spectro Alloys Corp. is investing $5.8 million to expand its facilities in Rosemont and hiring 10 new workers, all with help from DEED's Job Creation Fund. With the addition of two furnaces, the company will be able to take in types of aluminum that its current equipment can’t process. Luke Palen, Spectro Alloys president, said the DEED support was important as competitors in other regions were also adding new, similar equipment, and the addition of the new furnaces will help Spectro stay competitive.
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A forgivable loan from DEED is expected to fuel the expansion of Altec Inc.'s manufacturing operations in Duluth, leading to the creation of 100 new jobs. Dave Faynik, general manager of Altec's Duluth operations, said the company already has begun hiring. "We're definitely excited to be expanding here in Duluth," he said.
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Recent Press Releases
Minnesota’s unemployment rate last month fell to its
lowest level since July 2000, according to figures announced by DEED. The U.S. unemployment rate was 4.1 percent in November.
State employers eliminated 4,000 jobs in November on a seasonally adjusted
basis, while October’s figures were revised from 4,500 jobs lost to 2,400 jobs
lost.
Altec Inc. will invest $8.45 million and create 100 jobs in an expansion of its manufacturing facilities in Duluth. DEED is supporting the project with a $550,000 forgivable loan from the Minnesota Investment Fund.
Minneapolis financial technology startup Sezzle has been approved for a $250,000 loan from DEED. The funding was approved through DEED’s Angel Loan Fund, which provides loans equal to 10 percent of private equity raised by qualifying emerging businesses. Sezzle will receive the DEED loan once it has raised $2.5 million from private investors.
The
city of Pipestone was approved for $15.4 million in funding from the Minnesota
Public Facilities Authority to build a new water treatment plant.
The facility will reduce the amount of naturally occurring radioactivity in the
city’s drinking water and lower the discharge of chlorides into the
environment.
Recent Blog Posts
 Manufacturing is a major industry in Carver County, accounting for nearly one-fourth of all jobs. Emerson, an engineering and technology company, is the latest company to expand in Carver, announcing 80 new jobs recently at its manufacturing facility in Chanhassen, assisted with $1.3 million in grants and loans from DEED. The DEED Developments Blog has more.
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Did You Know?
UnitedHealth recently ranked Minnesota as the sixth-healthiest state, citing our low percentage of uninsured population, low rate of cardiovascular deaths and low percentage of children in poverty. Massachusetts was the healthiest state and Mississippi the least healthy.
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