Bondhus Corp in Monticello to receive Job Creation grant

Bondhus Corp. in Monticello is set to receive a Job Creation Grant worth $175,300 to complete an addition, hire more workers, and make other improvements. The grant, which is funded through The Minnesota Department of Employment and Economic Development (DEED), is one of five grants awarded for business expansion projects in greater Minnesota, totaling nearly $706,000. Four of the five businesses receiving grants are majority woman-owned.

Bondhus Corp is a majority woman-owned firm that manufactures a wide range of hand tools. The company plans to invest $2.3 million to build a 12,600-square-foot addition and make other site improvements for a new product line. Company officials plan to create 15 jobs within three years at wages that average $20.69 per hour.

“Congratulations to Bondhus for receiving this grant,” said Senator Bruce Anderson (R-Buffalo). “They are a vital asset to Monticello and Wright County, and with this funding they will be able to strengthen our local economy that much more. I look forward to seeing their continued success.”

The Job Creation Fund was created in 2013 to spur economic growth for businesses meeting certain investment and job creation criteria. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance in the Twin Cities metro and create at least five full-time jobs and invest at least $250,000 in Greater Minnesota.

Since the Job Creation Fund was launched in January 2014, DEED has awarded about $38.1 million for 87 business expansion projects in Minnesota. Companies have committed to creating 5,252 full-time jobs and investing more than $1 billion to expand.

Other companies selected for grants are as follows:

  • Clyde Machines, Glenwood, $100,000: This majority woman-owned business manufactures ground support equipment for the airline industry. The company plans to invest $9.2 million to build a 100,000-square-foot building to expand production and will create 15 jobs paying wages that average $14.37 an hour.
  • GEOTEK, Stewartville, $175,400: GEOTEK specializes in manufacturing fiberglass composite products including composite crossarms for the electric utility industry. The company plans to invest $5.8 million to purchase and renovate a building near its existing facility and acquire equipment for production at the new facility. GEOTEK expects to create 62 jobs within five years at wages averaging $16.91 an hour.
  • Mortarr LLC, Albert Lea, $175,000: Mortarr is a majority woman-owned software business startup specializing in the commercial construction and design industry. The company plans to invest $1 million to renovate a historic building that will serve as its headquarters in downtown Albert Lea. Officials anticipate creating 34 jobs within two years at wages that average $22.29 per hour.
  • Reliant Systems Inc., Zimmerman, $80,000: This majority woman-owned manufacturing firm makes custom-designed products for the semiconductor and medical industries. Plans call for investing $2.4 million to build a 28,000-square-foot facility. Five jobs will be created at salaries that pay an average of $26.20 per hour.