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Home My WebLink AboutV.C - Open To Business 1st Quarter Report Business Advisor for Dakota County: Natalie Mouilso, nmouilso@mccdmn.org, 952-451-6390 First Quarter – 3/31/2024 Clients Served YTD Client Inquiry 01 Existing - Challenged 08 Existing -Opportunity 22 Pre-start planning 29 Start-up 16 Total 76 Business Owner Demographics YTD # of Clients Low-Income Owned 40 (52%) BIPOC or Immigrant Owned 43 (57%) Woman Owned 37 (48%) Financing & Access to Capital YTD Loans & Grants Approved (YRLY Total) $ 42,240.00 Equity (YRLY Total) $ 460,000.00 Facilitated (YRLY Total) $ 18,000.00 Total Investment $ 520,240.00 Program Hours TA Program HRS 1st QTR 348 251 Total 348 251 TA: Client Meetings, Providing Resources, Client Calls, Client Deliverables, Loan Packaging Program HRS: City Initiatives, Program Outreach, Public Events, City Meetings, Research, Data/Admin, General Inquiries Open to Business Report 2 Industry Segment YTD Construction / Real Estate 0 Food 15 Health/Fitness 12 Manufacturing 2 Consulting 5 Retail 10 Service 16 Other/Undecided 9 Total 76 Referral Source YTD Bank Referral 13 Entrepreneur 5 Friends and Family 7 Municipality 14 MCCD Partner 8 Other 8 Web 21 Total 76 City YTD Business Resident Apple Valley 13 07 Burnsville 15 07 Eagan 10 07 Farmington 02 05 Hastings 07 03 Inver Grove Heights 03 03 Lakeville 08 11 Mendota Heights 01 01 Rosemount 02 02 South St. Paul 02 02 West St. Paul 06 03 Other Dakota Co. 00 00 Other/ No Data 08 26 “The Open to Business program has been instrumental in helping me create my website, and I couldn't be more grateful for their expertise and dedication. Their commitment to empowering individuals and organizations through their services is truly commendable. From the initial brainstorming sessions to the final touches, the Open to Business program provided invaluable guidance and support every step of the way. Their team's professionalism and passion for their work were evident throughout the entire process. Thanks to the Open to Business program’s assistance, my website now serves as a vital platform for sharing information, connecting with my audience, and advancing my mission. Their contribution has not only enhanced my online presence but has also helped me further my goals and objectives. Thank you, Open to Business for your unwavering support and dedication to helping individuals like me succeed in the digital world.” Lakeville Business Owner, OTB Client Open to Business Report 3 Direct Financing & Access to Capital Business Type: fast casual pizza franchise Business City: Apple Valley Residence City: Lakeville Referred by: Bank Partner MCCD Financing: $42,000 Owner Equity: $460,000 Other Financing: $18,000 MN DEED Small Business Loan Participation Program Overview: MCCD began working with this recent startup in Fall, 2023. The business sought working capital to implement a marketing plan to build local awareness and grow sales. Through MCCD, the business spent four months working closely with a bookkeeping/accounting advisor to gain skills and expertise in financial management of the business. They wrote a marketing plan and met with independent consultants to get additional insight into their business operations. The business was approved for the MCCD loan in early April with 30% participation from MN DEED SBLPP. The business is owned by four immigrants and is expected to employ a total of 7 after the market plan is implemented. Credit Builder Loans In collaboration with nonprofit partners who provide credit building & financial awareness counseling, MCCD provides $240 Credit Builder Loans (CBLs) to qualified applicants seeking to improve their personal credit. Credit Builder applicants complete financial training through MCCD’s partners and are then referred to MCCD for a CBL. MCCD generates and services the CBLs in-house. 2024 Credit Builder Loans YTD Resident City Loan Amount Inver Grove Heights $240 TOTAL $240 Highlights, Networking, & Outreach Staffing Updates • MCCD welcomes Maria Thor as our newest member of the Business Advisor team. Maria comes to MCCD with vast experience in owning, operating, and supporting small businesses in the Twin Cities region. She owned a family childcare business for more than 10 years before moving into the non-profit world and was most recently a Capacity Coach for childcare businesses at Think Small. • MCCD welcomes Eva Song Margolis as our Director of Advancement. Using her expertise in community wealth building she will lead an integrated strategic vision that expands awareness of our impact, priorities, and engage diverse stakeholders. Eva's commitment to social, racial, and economic justice shines through her work and board membership with Hmong American Farmers Association. Funding & Policy Updates • March 14 – MCCD was named an approved lender for MN DEED’s new Expanding Opportunity Loan Fund with a $600,000 lending allotment, the maximum loan size. MCCD borrows these funds from DEED at 0.5% to relend to small businesses. Securing new sources of low-cost loan funds is the key to keeping our interest rates low for small business borrowers. Open to Business Report 4 Programming, Partnerships, & Trainings • January 19 – Open to Business hosted our first in person Small Business Planning Workshop of 2024 at the MCCD Office. The training was open entrepreneurs throughout the region and provided attendees with the tools and resources needed to write a business plan. • February 2 – Our team of advisors learned about the New Markets Tax Credits program through our partners at Sunrise Banks. We look forward to leveraging this knowledge to help our clients access the program. • March 19 – A local attorney provided guidance to our team of advisors on the new Corporate Transparency Act and its requirements; with this information we can help our clients understand the registration and compliance process. • March 21 – Building on our Racial Equity trainings from 2023, MCCD kicked off a new training series focused on Operationalizing Equity within our work. This 20-hour series will occur over the next 6 months. • April 12 – In partnership with the UMN Law School, MCCD hosted a Small Business Law Q&A webinar where legal experts provide transaction-based legal assistance to small businesses on a variety of subject matters including entity selection, franchising, formation, and commercial lease review. • April 19 – MCCD hosts our second business planning workshop of the year, Blueprinting Success: Financial Foundations for Startup Businesses. This workshop is designed to equip early-stage entrepreneurs and startups with essential financial skills and knowledge to build a solid foundation for success. More details here. Advertising & Outreach • In the last quarter, banker and lender outreach occurred specifically with Chase Bank, Merchants Bank, Minnesota Business Finance Corporation, Minnwest Bank, Royal Credit Union, Sunrise Banks New Markets Tax Credits team, Think Bank, and US Bank. • In addition to lending outreach, written or in-person presentations were made and/or networking efforts were made including City of Mendota Heights check in on Jan 16, Apple Valley EDA presentation Jan 25, UMN Law School partnership meeting Feb 2, City of Hastings HEDRA presentation on Feb 8, City of Lakeville presentation Feb 27, Burnsville EDA presentation on March 13, recurring check ins with City of Farmington and Dakota County CDA. • The Open to Business advertisement library is up to date with the most recent ads and flyers for OTB. New ads will be created and updated periodically so keep checking back. The library was created to help streamline how we share ads with partners and to give partners direct access to choose ads that meet their needs. Access the Ad Library here. Quarterly Highlight Asian Mart LLC 14600 S 10th Avenue South in Burnsville & 464 Concord Street South in South St. Paul April 1, 2024 - Asian Mart LLC broke ground on their new location in South Saint Paul. The business owner was joined by his family and friends, along with City staff and officials, the SSP Mayor, Dakota County CDA staff, OTB staff, and Cortrust Bank to kick off this exciting project. When completed, the project will provide ample warehouse space and a deli, grocery and bakery areas, food counters and seating for up to 15 guests. The business employs 3 and the expansion aims to add 3 to 6 new jobs. Open to Business Report 5