Gov. Pawlenty touts new economic program in Sauk Rapids
Strategic Entrepreneurial Economic Development, or SEED, would need $20 million in ongoing money and $50 million in state bonding dollars from the Legislature next year to become a reality.
It would include an extension to Pawlenty’s existing JOBZ reduced-tax economic development program, money to expand the state’s bioscience zones and focuses primarily on encouraging entrepreneurs and small businesses, Pawlenty told a group of employees at Wilkie Sanderson, a Sauk Rapids-based manufacturer of wood laminate, paneling, trim, cabinets and more for commercial use.
“JOBZ is great if you have a tax liability. It helps existing businesses more,” he said. “We want to help entrepreneurs get started, and primarily in outstate Minnesota, not the Twin Cities.”
Pawlenty’s proposal includes $13.5 million to help start-ups and small businesses raise capital through tax credits, loan funds and development grants.
It also includes $4.4 million targeted mainly toward helping businesses in outstate Minnesota counties that have experienced declining populations or above-average unemployment, Pawlenty said.
Another $2.1 million would go toward providing assistance to people who want to start their own businesses.
His $50 million bonding request is divided between existing business infrastructure and redevelopment grant programs, including $10 million to develop bioscience infrastructure outside of the Twin Cities and Rochester, where the industry has congregated.
