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8/85 MINNESOTA MAGAZINE~ 5 I I I I I I I MINNESOTi Updates Tourism Office has loans for smaller resorts and hotels The Minnesota Tourism Office, adivision of the Dep'.artment of Energy and Economic Development, has announced the development of a Tour- ism Loan Program. The loans are targeted t° resorts, hotels, motels and campgrounds with 20 or fewer employees and less than $1 million in an- nual sales. The loans can finance construction costs, site preparation, equipment, interest costs during construction and engineering costs. They will be for a term no longer than ]0 years for land or buildings or 5 years for equipment or machinery. The program will match loans pro- vided by local financial institutions to enhance the credit of the borrower, as well as provide loans at lower interest rates. Information and applica- tions can be obtained by cal..llng 612/2.~?-1922. Economic relations The annual session of the Advisory Council on Japan-u.s. Economic Relations was the scene of a major announcement of Japan's commitment of Japan, U.S. to further opening Japanese markets to U.S. products. Japanese govern- ..... ~ ....... merit officials are now expected to develop an' action'plan-tdri~move trade ..... improve at session barriers between Japanese and U.S. companies. The session, July 22 through 24, was attended by the chairmen and presidents of the world's largest international corporations. Chairman of the group is Edsen Spen- cer, chairman and CEO of Honeywell. Founded 21 years ago, the council's yearly session is considered the major meeting of the year between Japa- nese and U.S. business leaders. At the meeting's conclusion, a joint com- munique was issued calling for continuing cooperation. The council's meeting was followed, by the annum Midwest-Japan Association confer- " ence, which focuses on trade relations between the Midwest and Japan. Both gatherings provided excellent forums for Minnesota to make itself visible to powerful Japanese corporate executives. Minnesota sees record level of incorporations Minnesota reported an 11.2 percent increas~ in new business incorpora- tions in 1984. During the period between January and December 1983, Minnesota incorporated 8,202 new businesses, compared w4th 9,119 incor- porations in 1984. Nationally; new incorporations reached a record high, with a 5.8 percent increase. The record level of new' business incorpora- tions is interpreted as reflecting renewed entrepreneurial optimism sparked by last year's economic expansion. Many businesses incorporated in 1984 are now believed to be hiring workers, purchaslng goods and serv- ices, and renting office space, and are expected to help sustain current ec- onomic growth.