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Members can also search for job openings, contact employers by e-mail, and <br /> 111 apply online. <br /> 2) Work Opportunity Tax Credit (WOTC) & Welfare-to-Work Tax Credit <br /> (WtW) <br /> WOTC allows employers to take a federal income tax credit when they hire <br /> persons from certain targeted groups. For most groups, the maximum credit is <br /> 40% of the first $6,000 in qualified wages for a savings of $2,400. The WtW Tax <br /> Credit is a two-year program involving the hiring of long-term family assistance <br /> recipients that provides tax savings up to $8,500 for each eligible new hire. <br /> 3) Customized Training Programs. <br /> The Metro Consortium for Customized Training is an association of the <br /> Customized Training divisions of the 10 metropolitan area community and <br /> technical colleges and Metropolitan State University. It facilitates customized <br /> training for Minnesota employers using the expertise and resources of the 10 <br /> institutions. For example, Anoka-Ramsey Community College has collaborated <br /> with the Consortium and customized training programs for various occupations <br /> pertaining to the medical device industry. <br /> 4) Minnesota Vocational Rehabilitation (VR) Program <br /> The VR Program helps Minnesotans with significant disabilities get ready for, find <br /> and keep their chosen jobs and careers. <br /> E. Business Finance Loans & Grants <br /> For both existing businesses desiring to expand and for businesses new to the City <br /> there are federal, state and local financial assistance programs. All local financial <br /> assistance is at the discretion of the Mounds View EDA. <br /> 1) Small Business Administration Loan Programs — SBA 504 Loan / 7a Loan <br /> The U.S. Small Business Administration provides a wide array of programs to <br /> help small businesses, including financial and federal contract procurement <br /> assistance, management assistance, and specialized outreach to women, <br /> minorities, and veterans. <br /> The SBA 504 Loan program provides fixed-rate, long-term financing for land, <br /> buildings and manufacturing equipment or machinery. SBA 504 Loans feature a <br /> 10 to 20 amortization, fixed-loan payments, below market interest rates, and a <br /> low downpayment. The deal structure is 50% bank loan (1st position), 40% SBA <br /> 504 (2nd position), and 10% equity injection. (A new business and a special- <br /> purposed building require 20% equity injection.) The program's minimum and <br /> maximum loan amounts are $50,000 and $750,000 respectively. <br /> • <br /> April 2007 Draft <br /> Mounds View Business Toolbox <br /> Internal Document <br /> Page 5 of 9 <br />