Friday, May 22, 2009

Minnesota manufactureres buoyed by new state investment in Growth Acceleration Program

Enterprise Minnesota’s highly popular Growth Acceleration Program (GAP) received a significant shot in the arm this week when Governor Tim Pawlenty signed into law the legislature’s appropriation of $1 million for the program.

GAP is a matching grant that enables small manufacturers to access business improvement services. First funded in 2007 with one-time funding of $750,000, GAP has since helped more than 80 Minnesota manufacturers realize a $15 return for every $1 spent by GAP. Some companies realized as much as a $40 to $1 return on GAP.
"Clearly this is a program that works,” said Bob Kill, president & CEO of Enterprise Minnesota. “The outcome of this action will be job security at a time when Minnesotans need it. GAP is a tremendous resource for the Minnesota communities and employees that depend on the economic security that these manufacturers provide.”

“At a time when the state has limited resources, we try to focus on programs that can demonstrate effects that create jobs,” said Minnesota State Senator Kathy Saltzman (Woodbury). “GAP is an excellent example of what seems like a small investment producing huge results.”

The newly funded GAP program includes a three-to-one match for companies with fewer than 50 employees, a one-to-one match for those with 50 to 100 employees, and a one-to-three match for companies with more than 100 but fewer than 250 employees.

Learn more about the Growth Acceleration Program.

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