The medical technology company Minnetronix Medical said that $1 million in state grants and loans will help it add jobs and keep its headquarters in St. Paul.
Half the funding will come from the Minnesota Department of Employment and Economic Development's Job Creation Fund, a "pay-for-performance" program created in 2014 that supports businesses after they meet benchmarks for new jobs and private investment.
"We needed a pathway to support our growth," said Jeremy Maniak, Minnetronix's CEO. "If we couldn't have figured out a way to make that all work here, then we would have had to contemplate other areas."
The expansion is the company's fourth since 2000. It plans to grow its headquarters at 1635 Energy Park Drive to 170,000 square feet by 2023, while adding 75 jobs expected to pay an average of about $26 an hour.
Headquarter upgrades will allow Minnetronix to offer more to its clients with expanded lab and innovation space, in addition to more manufacturing capabilities.
Minnetronix's business focuses on partnering with other medical-technology companies in designing, developing and manufacturing wearable continuous-glucose monitors, endoscopes and other devices.
Minnesota has the most medical-device jobs per capita of any state, employing more than 30,000 people. It also ranks seventh in growth, adding over 1,100 jobs between 2010 and 2018.
Since being created in 2014, companies in 71 cities across Minnesota have received Job Creation Fund grants, according to DEED data. The grants are intended for manufacturing and technology-related businesses.
Each year companies update the state on their progress. The grants are not distributed until the jobs have been created. If a company fails to meet benchmarks, the grant is not disbursed.
Minnetronix will receive a $500,000 grant from the program and an equal amount from a Minnesota Investment Fund loan. The loans are meant to assist manufacturing, distribution and technology companies in creating and keeping high-quality jobs statewide.
The move was endorsed by St. Paul Mayor Melvin Carter and DEED Commissioner Steve Grove in a statement released last week, with Grove saying "Minnetronix Medical embodies Minnesota's rich history of innovation."
For Maniak, staying in St. Paul was important. He said the location is attractive because the company can recruit talent from any part of the metro area. Its more than 300 employees hail from everywhere from Buffalo, Minn., to western Wisconsin, he said.
Dylan Anderson (firstname.lastname@example.org) is a University of Minnesota student on assignment for the Star Tribune.