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March 10, 2008 <br />Mounds View Business Toolbox <br />Internal Document <br />Page 6 of 10 <br /> <br />1) Minnesota’s Job Bank <br />The Minnesota Department of Employment and Economic Development (DEED) <br />is responsible for administering various state and federal programs that provide <br />workforce development services. Minnesota’s Job Bank is an Internet-based <br />self-service system where member employers and job seekers can find each <br />other. Employer members can post job openings to be searched by job seekers. <br />Employer members can also search for job candidates and contact them by <br />email. Job seeker members can post a resume to be searched by employers. <br />Members can also search for job openings, contact employers by e-mail, and <br />apply online. <br /> <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 /> <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 /> <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 /> <br /> <br />E. Business Finance Loans & Grants <br /> <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 and is governed by the City’s <br />overarching Business Subsidy Policy, which is attached as Appendix A. <br /> <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.