The purpose of the RLF is to provide financial and technical assistance for the creation and retention of new employment. These objectives may be accomplished through the following means:
- Create/retain permanent private sector jobs to fuel above-average economic growth.
- Investment in technology and equipment that increase productivity and provide for higher wages;
- Leverage of private investment to ensure economic renewal and competitiveness;
- Increase the local tax base to guarantee a diversified industry mix;
- Improve the quality of existing jobs, based on increases in wages or improvements in the job duties, training, or education associated with those jobs;
- Improve employment and economic opportunities and create a reasonable standard of living; and
- Enhance productivity growth through improved manufacturing or new technologies.
One way to meet these objectives is to assist businesses that have location options outside of Elk River. These firms bring income into the state and raise the overall standard of living.