Minnesota State Senator Justin Eichorn (R-Grand Rapids) today congratulated Clow Stamping Company, a business in Merrifield, on receiving two major grants from the Minnesota Department of Employment and Economic Development (DEED). Clow Stamping Company will receive $840,000 from the Job Creation Fund and $450,000 from the Minnesota Investment Fund to complete an expansion and create more than 60 jobs.
The grants were part of a round of $5.4 million in grant funding for eight businesses.
“It is always great when local, family-owned businesses are recognized for their track record of success and their critical place in our regional economy,” Sen. Eichorn said. “Clow Stamping has always been focused on doing great work, offering good value, and taking care of their customers; they’re a really important part of our community. I am excited to see what they can do with these two grants, and look forward to even more success in the future.”
PROJECT DETAILS
Clow Stamping Company, Inc., Merrifield
Job Creation Fund Grant: $840,000
Minnesota Investment Fund Grant: $450,000
Clow Stamping Company, Inc. provides metal stampings to recognized major manufacturers in industries including agriculture, recreational vehicles, light and heavy equipment, exercise equipment, and commercial refrigeration. The project will expand their current facility by 100,000 square feet with an expected total project cost of $18.9 million. The project will create 65 jobs over the next two years with an average wage of $17.50 per hour plus benefits.
GRANT FUND BACKGROUND INFORMATION
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.