Agenda - Council - 05/08/2018 - Laserfiche WebLink

Home

Motion carried. Voting Yes: Chairperson Steffen, Members Riley, Burandt, Hardin, Kanaventi, and LeTourneau. Voting No: None. Absent: Member Skaff. 4. EDA BUSINESS 4.01: Presentation: Open to Business Program Update Presented by Kathleen DuChene Kathleen DuChene, Open to Business, provided background information on the program which provides technical advice to help entrepreneurs to establish and grow their businesses. She provided the statistics from the program in 2017. She stated that almost $1,000,000 in loan funds were already approved in the first quarter of 2018. She advised that six businesses in Anoka County received loans through the program in 2017, which makes up 28 percent of the loan funds for 2017. She noted that one Ramsey business received loan funds in 2017 to assist in their expansion and fill a gap in funding. She advised that more than half of the businesses are in the service industry and most of the other businesses are within the retail and food industry. She encouraged the City to continue to market the program, noting that the marketing helps to make businesses owners aware of the assistance the program can provide. She provided examples of requests that she receives and assistance that she is able to provide, noting that she is also able to provide microgrants in some instances in order to help people launch their businesses. She noted that two Ramsey businesses presented at the networking and resources event during 2017. Chairperson Steffen asked for additional details on two numbers listed in the report. Ms. DuChene replied that the first number is the number of people interested in opening businesses in Ramsey and the second number is related to the number of Ramsey residents interested in opening businesses, inside or outside of Ramsey. Member Hardin asked the primary sources for the loans that the organization offers. Ms. DuChene replied that the program receives funding from outside the McKnight Foundation, earned interest on loans, borrowed money through loans from banks, and DEED. Chairperson Steffen asked if Ms. DuChene is still keeping hours at the Ramsey City Hall. Ms. DuChene replied that she is phasing out the office hours at city halls, as she was keeping hours at many different city halls. She stated that she can meet with people at Anoka County, at their business, at a coffee shop, or wherever is convenient. Member Hardin asked for information on the organizational structure of the organization. Ms. DuChene replied that she works for a nonprofit and there is a Board of Directors made up primarily of community development individuals. She stated that the staff is composed of 16 members, most involved with Open to Business while about three or four members are working with affordable housing. Economic Development Authority/March 8, 2018 Page 2 of 7