HomeMy WebLinkAboutV. C. Open To Business Report
Clients Served
Client Inquiry 8
Existing - Challenged 31
Existing -Opportunity 37
Pre-start planning 44
Start-up 28
Total 148
Financing & Access to Capital
Approved (YRLY Total) $ 98,000.00
Equity (YRLY Total) $ 3,000.00
Facilitated (YRLY Total) $ 133,000.00
Program Hours
TA Program HRS
1st QTR 330.01 113.25
2nd QTR 125.25 18.00
3rd QTR 174.50 240.00
4th QTR 194.00 286.00
Total 823.85 657.25
TA: Client Meetings, Providing Resources, Client
Calls, Client Deliverables, Loan Packaging
Program HRS: City Initiatives, Program
Outreach, Public Events, City Meetings,
Research, Client Follow Up, Data/Admin,
General Inquiries
Dakota County Year End Report – 12.31.2020
Open to Business
3137 Chicago Ave
Minneapolis, MN 55407
612-789-7337
Industry Segment
Construction 10
Food 40
Health/Fitness 17
Manufacturing 3
Consulting 9
Retail 17
Service 44
Technology 7
Wholesale / Distribution 1
Total 148
Referral Source
Bank Referral
12
Entrepreneur 11
Friends and Family 5
Municipality 43
Other 24
Web 43
Total 148
City Business Resident
Apple Valley 9 10
Burnsville 19 14
Eagan 22 21
Farmington 13 10
Hastings 9 5
Inver Grove 6 7
Lakeville 20 12
Rosemount 11 10
Mendota Heights 4 5
South St. Paul 4 3
West St. Paul 8 3
Other / No Data 23 48
Dakota County Quarterly Report – Year End 2020
2
Direct Financing & Access to Capital*
Facilitated Funding - (Q2 - 2020): DEED SBEL
Business Type: Fitness
Location: Apple Valley
Referred by: DEED
Facilitated Financing: $35,000.00
Other Financing: DEED Funding/MCCD Underwriting/MCCD Disbursement
Overview: This financing was from the DEED SBEL grant. When the grant was announced MCCD notified
all their clients. DEED provided the funds, MCCD contacted the applicants, collected the required
documentation to complete the application, did the underwriting, and funded the applicants that DEED
approved. MCCD then assisted (the applicants who responded to information requests) with the
required documentation to qualify for the award. The total funding was $35,000.00.
Last Closed Loan- (Q2 - 2020)
Business Type: Fitness
Location: Mendota Heights
Referred by: Municipality
OTB Financing: $33,000.00
Other Financing: Owner Project Equity
Overview: MCCD direct financing for an established martial arts instruction and fitness center.
Last Closed Loan- (Q2 - 2020)
Business Type: Food
Location: West St Paul
Referred by: Community Partner
OTB Financing: $15,000.00
Equity: $3,000.00
Overview: MCCD did the underwriting for a community partner. This loan was for an established Latino
restaurant.
Last Closed Loan- (Q1 - 2020)
Business Type: Construction
Location: Farmington
Referred by: Municipality
OTB Financing: $50,000.00
Equity: Owner Project Equity
Overview: Contractor utilized OTB revolving financing for projects.
*Does not capture SBA EIDL and PPP loans/funding MCCD helped clients apply for and/or understand
what was required to be eligible for the EIDL or PPP loans from the US Treasury.
Dakota County Quarterly Report – Year End 2020
3
Q4 Highlights – Networking & Outreach
• Business Boot Camp is a new program designed for existing businesses where participants
engage in a multi-session program to receive a 360-degree review of their business. A team of
OTB Business Advisors will work with each client in-depth to refresh their business plan for the
new year and develop new strategies. I’ve received a handful of inquiries already – thank you
for your assistance getting the word out. The application will be live before the end of January.
• I will be a presenter at Inver Hills Community College’s Student Success Day on February 23,
2021 on the topic of Strategies to Build Your Online Business where I’ll provide an overview of
how to create and grow an online business. Participants will gain knowledge, tools, and
resources to help them successfully navigate the E-commerce landscape. Info on Student
Success Day available at https://www.inverhills.edu/ssd/
• In collaboration with Dakota Co. Library adult services department, a colleague and I are
presenting a three-part webinar series tailored to the needs of local small businesses with a
focus on the Somali business community in Dakota County. The library has worked with the
Somali community in the past and enlisted OTB to provide the expertise needed to support
these businesses. More information and registration available at
https://www.co.dakota.mn.us/libraries/Programs/Adults/Pages/career-small-business.aspx
• Outreach from Q4 includes meetings with the Hastings Chamber, the Dakota County Chamber,
City of Farmington, City of Lakeville EDC, City of Hastings HEDRA, Frandsen Bank, Wells Fargo
Bank, and Merchants Bank.
• Upcoming meetings and presentations include the City of Burnsville presentation Jan 27, City of
Apple Valley presentation Jan 28, Dakota Co. Library webinar Feb 16, Inver Hills Community
College webinar Feb 23, Dakota Co. Library webinars Mar 2 & 9.
• Virtual office hours have streamlined the scheduling process and increased
transparency/accessibility for clients. Hours are Mondays and Wednesdays from 1 – 3 PM and
Friday mornings from 9:30 – noon. The signup link is in my email signature.
• Distribution of printed tri-fold brochures and business cards continues to city halls, libraries, and
chambers throughout Dakota County.
• MCCD staffing updates include two new bilingual staff members; we now have the capability to
provide TA in Somali and Vietnamese.
• Designed and circulated Q4 Open to Business advertisement featuring a preview for Business
Boot Camp program.
• New Client Success Story project rolling out in 2021 with assistance from MCCD’s
Communications Coordinator.
Selected Client Feedback
“More people are able to find me now on Google, so I’ve been getting a lot of phone calls and searches
from customers.” – Business Owner, Burnsville, beauty and wellness industry
“It's always great (and so rare!) to be able to get a set of independent eyes on what we're doing to help
strategize and offer advice.” – Business Owner, West Saint Paul, restaurant industry
“I am so glad we connected! Our conversation was quite helpful and encouraging.” – Business Owner,
Farmington, tax preparation and consulting