Business Friendly States: Minnesota in Profile

Business Friendly States: Minnesota in Profile

According to business sources including Forbes and CNBC, Minnesota is one of the higher ranking business-friendly states in the country. Ranked between 9 and 15 of out of all 50 states in the US, Minnesota offers the right combination to give businesses of all shapes and sizes the tools needed to reach their maximum potential. Home to many major privately owned companies including Park Nicollet Methodist Hospital, University of Minnesota Medical Center, Ameriprise Financial, Essentia Health, Best Buy Company Incorporated, Thomson Reuters, Hennepin County medical Center, 3M Company, and Methodist Hospital Sleep Disorder Center, there is clear evidence of the success businesses are able to experience throughout the state.

The Benefits of Minnesota for Businesses

Business owners and enthusiastic entrepreneurs that choose to build their businesses in Minnesota are enjoying the opportunity to staff their companies with highly educated professionals that bring the latest in technology and innovation to the companies they work for. Top universities, trade centers, and other educational facilities in Minnesota are working with companies in all industries to create programs that give their students hands on experience in real-life situations. These educational facilities include Concordia University, Capella University, Duluth Business University, Mayo Medical School, Minneapolis Business College, and many others are creating leaders in all types of industries throughout the United States.

Funding and Tax Incentives in Minnesota

Funding their business venture is a concern of every business owner regardless of the type, size, or industry sector. Gaining access to capital and other financial backings for their business venture is promising throughout the state of Minnesota. Tax incentives, grants, and small business loans are also plentiful throughout this region. Some of the more notable tax incentives in place throughout the state include the Angel Tax Credit Program, the Greater Minnesota Expansion Tax Credits, Tax Free Development Program, R & D Tax Credit Program, Border Cities Enterprise Zones Incentives, and the SEE Capital Tax Incentive Program. Loans and grants that business owners can utilize for their business growth and expansion plan include the Minnesota Investment Funds, Minnesota Job Creation Funding, State Small Business Credit Initiative, Small Business Development Loan Program, Urban Initiative Loan Program, Indian Business Loan Program, and Growth Acceleration Program that are available.

Working and Living in Minnesota

As with most states throughout the country, there is no shortage of metropolitan areas in Minnesota. The more prominent metropolitan areas include St. Cloud, Duluth - Superior, Fargo - Moorhead, Greater Grand Forks, Mankato, and Rochester. However, small business owners are finding that their success is not limited by choosing to locate their companies just in these areas. Ease in transportation and commuting throughout the state provides business owners with additional prospects.

The overall quality of life within Minnesota is second to none. The state is well known for its many lakes, streams, rivers, and other water outlets that provide an ideal source of fishing, swimming, hunting, boating, and more. Plush shrubbery and trees offer a great deal of seclusion and give residents the ability to take in some much needed rest and relaxation when not in the office. Hunting, snowmobiling, horseback riding, camping, and other outdoor activities are enjoyed by many.

While commercial and residential real estate can be on the higher threshold throughout metropolitan areas of Minnesota, they are much more affordable in surrounding communities. Working with a reputable real estate agent that has a long term standing in the area can provide a wide range of benefits for locating the most affordable commercial real estate solutions ideal for your business venture plans. These professionals can help you find property that is no longer needed by companies that have chosen to relocate due to their expansion. Many business owners and entrepreneurs find that these situations offer them the opportunity to gain access to affordable business equipment and other furnishings necessary to start up their company.

In Conclusion

Overall, Minnesota offers many opportunities for serious minded business owners and entrepreneurs. Having one of the largest logistics hubs in the United States, the ease and speed of transporting goods to and from these businesses only adds to the opportunities available.