Last Wednesday, the Minnesota Department of Employment and Economic Development (DEED) announced $3.9 million in Job Creation Fund and Minnesota Investment Fund awards for nine business expansion projects statewide. The projects are expected to create or retain 225 jobs, and leverage nearly $56.3 million in outside investment.

“Minnesota is one of the best places in the country to start and grow a business,” said DEED Commissioner Matt Varilek. “The Minnesota Investment Fund and Job Creation Fund are just two of many programs DEED offers to help businesses expand and offer well-paying jobs for skilled Minnesotans.”

LISI Medical Remmele, Inc of Big Lake is one of the nine recipients.

LISI Medical — a division of LISI Group — is a medical device manufacturer that specializes in implants and instruments for minimally invasive surgery, as well as orthopedic, spinal and trauma surgery. The proposed project will expand the existing Big Lake facility by approximately 45,000 square feet, bringing it to a total of 152,000 square feet. The total project cost is $23.5 million and is expected create 30 jobs within the first three years.

The Job Creation Fund (JCF) provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $2 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.

The Minnesota Investment Fund (MIF) provides financing to help add new workers and retain high-quality jobs – with a focus on industrial, manufacturing and technology-related industries – increasing the local and state tax base and improving Minnesota’s economic vitality. Funds are awarded to local units of government, which provide loans to assist expanding businesses. Some of the loans may be forgiven if specific goals are met.