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March 10, 2008 December 12, 2011 Mounds View Business Toolbox Internal Document Page 6 of 10 2) Work Opportunity Tax Credit (WOTC) − www.positivelyminnesota.com/wotc The WOTC allows employers to take a federal income tax credit when they hire persons from certain targeted groups. The tax credit allows employers to reduce their federal tax liability by up to $9,000 per new hire. For most groups, the maximum credit is 40% of the first $6,000 in qualified wages for a savings of $2,400. To contact Minnesota WOTC, call 651-259-7507 or email deed.wotc@state.mn.us. 3) Customized Training Programs – www.macce.net The Metro Consortium for Customized Training Metro Alliance for Customized & Continuing Education (MACCE) is an association of the Customized Training divisions of the 10 metropolitan area community and technical colleges and Metropolitan State University. It facilitates customized training for Minnesota employers using the expertise and resources of the 10 institutions. For example, Anoka-Ramsey Community College has collaborated with the Consortium Alliance and customized training programs for various occupations pertaining to the medical device industry. To contact MACCE, call 651-747-4096. 4) Minnesota Vocational Rehabilitation Services (VR) Program This program, offered by DEED, helps Minnesotans with significant disabilities get ready for, find and keep their chosen jobs and careers. To contact Vocational Rehabilitation Services, please call 1-800-328-9095 or email VRS.CustomerService@state.mn.us. E. Business Finance Loans & Grants For existing businesses desiring to expand and for businesses new to the City there are federal, state and local financial assistance programs. All local financial assistance is at the discretion of the Mounds View EDA and is governed by the City’s overarching Business Subsidy Policy, which is attached as Appendix A. 1) U.S. Small Business Administration (SBA) Loans – www.sba.gov The U.S. SBA provides a wide array of programs to help small businesses, including financial and federal contract procurement assistance, management assistance and specialized outreach to women, minorities and veterans. SBA 504 Loan Program This program provides long-term, fixed-rate financing to assist small businesses expand by acquiring land, buildings, machinery and equipment. The loans are administered by Certified Development Companies, such as SPEDCO (www.spedco.com) located in Arden Hills, in conjunction with commercial lending institutions. SPEDCO can handle SBA loan financing for businesses wishing to expand or locate in Mounds View. SPEDCO is the liaison with the SBA, helping lenders and borrowers through the paperwork and approval process. They structure the project, prepare loan documentation and monitor the whole project through closing. They also service all aspects of the SBA 504 loan for the entire term of the loan. SPEDCO works with the SBA to provide up to 40% of the total