Senator Latz Announces Local High-Tech Startup Has Received Grant from DEED
Senator Ron Latz (DFL-St. Louis Park) would like to announce that the Minnesota Department of Employment and Economic Development (DEED) has awarded UR Turn in St. Louis Park a grant totaling $50,000. UR Turn is a women-owned and -managed business specializing in information technology that helps middle school and high school students reach their goals.
“DEED only awarded these grants to four businesses in the state of Minnesota, so to have one of them in St. Louis Park is very exciting,” said Senator Latz. “The work of UR Turn with middle and high school students is so important for not only my district, but for the state of Minnesota. I look forward to seeing what they will do with this opportunity.”
The funding for these DEED grants comes from the Minnesota Innovation Loans for Entrepreneurs (MILE) program. The MILE program provides interest-free loans of $20,000 to $50,000 to early-stage businesses developing or producing high-tech products or services in Minnesota. MILE loans can be used for working capital, intellectual property development, proof of concept activities, commercialization planning, prototype design, market feasibility studies and other startup activities as approved by DEED.
“One of the challenges of starting a new business is finding adequate funding sources,” said DEED Commissioner, Shawntera Hardy. “Support from the MILE program will assist in fueling startup growth and the development of quality jobs for the next generation of Minnesotans.”
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website here.