^{Governor Tim Walz (center), DEED Commissioner Matt Varilek (third from right), UMN Executive Vice President for Finance and Operations Gregg Goldman (right), and UMN Chief Investment Officer Andrew Parks (second from the left) visit with representatives from companies that have received SSBCI funding.}

The University of Minnesota hosted Governor Tim Walz and Minnesota Department of Employment and Economic Development Commissioner Matt Varilek to celebrate the second phase of the State Small Business Credit Initiative (SSBCI), a $33 million investment program (from the US Department of Treasury) to support Minnesota-based small businesses.

“Small businesses are job creators that fuel innovation and strengthen our communities,” Governor Walz said. “Making Minnesota the best state to live means it’s a place where entrepreneurs can put their ideas into action to support a diverse and thriving economy. With this funding, we’ll partner with hundreds of new small businesses to ensure they have the funding they need to get started.”

Five small businesses that received SSBCI funding during the first phase were represented at the roundtable including University of Minnesota startups Jord BioScience and Claros Technologies. Jord BioScience, an ag-tech spinout focused on enhanced sustainable crop production, was represented by board member Peter Innes. Claros Technologies focuses on PFAS remediation using an innovative, proprietary technology that destroys toxic persistent chemicals. Michelle Bellanca, chief executive officer and co-founder of Claros Technologies expressed to Governor Walz and Commissioner Varilek how essential the SSBCI funding was for the company.

“What we do is not only essential in terms of a financial impact, but it is solving one of the most prevalent problems that we as the United States and the rest of the globe faces,” Bellanca said.

The University of Minnesota has been a key partner in this initiative for the past three years, managing two venture capital programs on behalf of DEED that deploy approximately one-third of the total SSBCI program funds. The University’s participation accelerates early-stage innovation and equity-based investments statewide. This partnership maintains a focus on high-growth, early-stage companies like Claros Technologies and Jord BioScience that make a difference not only in Minnesota, but around the world.

“We are thrilled to continue our partnership with the State to support Minnesota’s economy and innovative thinkers,” said Gregg Goldman, University of Minnesota executive vice president for finance and operations. “It’s an honor to demonstrate the University of Minnesota’s breadth of knowledge in early-stage businesses and technology to serve Minnesotans, and we look forward to seeing local businesses grow with this second phase of investments.”

“As we think to the future, whether it’s chip manufacturing or rethinking the AI revolution, those need to happen right here,” said Walz. “Our partner at the University of Minnesota is absolutely critical to that. Federal and state investments make a difference, and then, where the magic happens is with the entrepreneurs and the visionaries that are here.”