Thanks to Minnesota’s Growth Acceleration Program.
The success of Minnesota’s Growth Acceleration Program (GAP) was on display during a recent tour of Eagan-based CARDSource hosted by Enterprise Minnesota. CARDSource, a manufacturer of plastic cards such as gift cards, credit cards, and health insurance ID cards for the retail, hospitality, and healthcare industries, used funding from GAP to engage Enterprise Minnesota for the strategic business services it needed to achieve real business growth.
Attendees on the tour included: Tim Mahoney (67A-DFL), Minnesota House of Representatives member and Jobs and Economic Development Committee Chairman, Amanda Perez, Economic Policy advisor to U.S. Senator Al Franken, Katherine Blauvelt, Senator Franken’s Field Director, Lynda Boudreau, Constituent Services Representative for U.S. Representative John Kline (CD2- R), Adam Schiff, Outreach Director for U.S. Senator Amy Klobuchar, Tom Murphy, President of CARDSource, and Bob Kill, President & CEO of Enterprise Minnesota.
“CARDSource is positioned well to weather any economic downturn and is now growing,” said Bob Kill, President & CEO of Enterprise Minnesota. “GAP is tremendously beneficial to medium and smaller-sized manufacturers like CARDSource as it allows companies to take advantage of business growth strategies needed to compete in today’s global economy”.
GAP is a matching grant that enables manufacturers of 250 or fewer full-time employees to access business improvement services delivered by Enterprise Minnesota. Eligible companies must have a business plan for improvements and demonstrate an economic need for GAP. All companies awarded GAP resources must match at least $1 for every $1 of GAP investment. First authorized by the Legislature in 2007, GAP has received bipartisan support because it fuels job creation and job retention in the manufacturing industry, which is one of the key economic drivers of Minnesota’s economy.
Over 245 Minnesota manufacturers have benefitted from GAP funding and as a result these companies have:
- Created or retained over 2,100 jobs
- Boosted sales by $148 million
- Saved $29.9 million in business costs
- Yielded an average business return on investment of $30-to-$1, with some manufacturers experiencing returns of over $40-to-$1.
CARDSource has been manufacturing plastic cards for major retailers, restaurants, hotel chains, and health insurance companies for over 30 years. The company employs approximately 50 people at its plant in Eagan.
Enterprise Minnesota is a consulting organization that works with medium-size and smaller manufacturing companies to help them compete and grow profitably. It is also one of 60 Manufacturing Extension Partnership (NIST/MEP) affiliates associated through the US Department of Commerce to bring world-class services to its manufacturing clients. www.enterpriseminnesota.org | www.stateofmanufacturing.com