Business Forum Insights and Financial Assistance Programs in Lonsdale
Explore the insights gathered from the Lonsdale Business Forum, focusing on business needs and potential financial incentives offered by the City/EDA. Discover programs such as the Revolving Loan Fund and Rehabilitation Grant Program to support business retention and expansion in the area.
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LONSDALE EDA BUSINESS FORUM MAY 17, 2016
PURPOSE OF THE FORUM How can the City/EDA assist your business Discuss potential financial incentives Business Retention & Expansion Visit Program Networking a platform for businesses to get together Business retention / expansion / attraction
HOW DID WE GET HERE? 2015 Business Forum: Main takeaways were marketing and financial assistance programs oComprehensive Plan Update Survey: What businesses are wanted in Lonsdale: 338 Food and Beverage, 132 Retail, 66 Entertainment, 54 Services and 2 Manufacturing/Industry The importance of downtown: 79% said it is important or very important The type of improvements to downtown: Overwhelmingly fa ade improvements followed by signage and trees/landscaping Least important were parking and wider sidewalks
HOW CAN THE CITY/EDA ASSIST YOUR BUSINESS What are your needs? Potential financial incentives include: MN DEED MIF, MN Job Creation Funds, Small Business Dev. Loan Program, MN Job Skills Partnership, Angel Loan Fund, Angel Tax Credit Program Rice County TIF, Tax Abatement and RLF SMIF RLF SWCE RLF and Rural Development programs Utility Companies energy efficiency rebates Rice County Small Business Development Center (FREE) Lonsdale RLF, Rehab Grant, Equipment Program, TIF, Tax Abatement
EDA FINANCIAL PROGRAMS Revolving Loan Fund: Loans of up to $100,000 / 2% fixed interest rate Land, buildings, equipment, inventory, working capital ( 25% of loan request) Applicant provides equity of 20% and necessary security Rehabilitation Grant Program: Assist with exterior projects that have an immediate impact on buildings that are commercial/industrial in use $10,000 in deferred loan/grant funding Must own building for 5 years, 20% reduced each year Applications due June 30th Equipment Program: EDA is currently working on a proposed Equipment Grant program based on job creation
BUSINESS RETENTION & EXPANSION VISITS The ultimate goal is business retention and expansion Casual meeting with businesses to discuss: Building / Space needs Products / Services Workforce needs Market information Investment plans Public policy Community strengths and weaknesses Assistance needed
MARKETING New City website design Digital marketing to drive potential businesses to website http://design173.cmsdev.avenet.net/eda LACC online Member Information Center: Membership listing, deals, job postings, advertise events and networking The EDA intends to use this forum as the catalyst for future things to come
NETWORKING We hope you use this time to network with other businesses: Get to know each other or better Cross merchandising Marketing Partnerships
QUESTIONS? Joel Erickson, City Administrator (507) 744-2327 jerickson@lonstel.com Mayor & City Council Members: Tim Rud, Joe Daleiden, Kevin Kodada, Cindy Furrer and Scott Pelava Economic Development Authority (EDA) Members: Laura Prigge, Debbie Zellner, Cindy Furrer, Fritz Duban, Jason Ruppert, Randall Rivers and Joe Daleiden
