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Home My WebLink AboutV.B - Open to Business 2nd Quarter Report Clients Served Client Inquiry 8 Existing - Challenged 18 Existing -Opportunity 35 Pre-start planning 32 Start-up 20 Total 113 Business Owner Demographics Low-Income Owned 34 BIPOC or Immigrant Owned 41 Woman Owned 67 Financing & Access to Capital Approved (YRLY Total) $ 5,000.00 Equity (YRLY Total) $ 6,000.00 Facilitated (YRLY Total) $ 25,000.00 Program Hours TA Program HRS 1st QTR 284.75 318 2nd QTR 258.27 235 Total 549.52 553 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 Quarterly Report – 6.30.2021 Open to Business 3137 Chicago Ave Minneapolis, MN 55407 612-789-7337 Industry Segment Construction / Real Estate 9 Food 18 Health/Fitness 7 Manufacturing 6 Consulting 12 Retail 28 Service 24 Technology 4 Wholesale / Distribution 3 Other 2 Total 113 Referral Source Bank Referral 4 Entrepreneur 4 Friends and Family 4 Municipality 55 MCCD Partner 12 Other 12 Web 22 Total 113 City Business Resident Apple Valley 10 7 Burnsville 15 16 Eagan 14 11 Farmington 10 12 Hastings 14 9 Inver Grove Heights 5 6 Lakeville 12 13 Rosemount 7 7 Mendota Heights 4 4 South St. Paul 4 4 West St. Paul 10 8 Other Dakota Co. 3 3 Other/ No Data 4 13 Dakota County Quarterly Report 2 Direct Financing & Access to Capital* In recent months there has been unprecedented opportunities for small business relief capital in the form of grants as well as low-cost and forgivable loans which has contributed to reduced demand for traditional small business lending. MCCD staff has focused our efforts on directing clients to the available relief grants and loans. Recently we have seen traditional lending inquiries from clients and financial partners pick up again as businesses are stabilizing and shifting back into growth mode. Loan Closed - (Q2 - 2021): Business Type: Dessert Vendor with Food Trailer Location: Inver Grove Heights Referred by: Partner Organization OTB Financing: $5,000.00 Owner Equity: $6,000.00 Other Financing: $25,000.00 Overview: This 100% BIPOC-woman-owned dessert business sells sweets at festivals and pop-up events on a seasonal basis. The business owner is growing her business by investing in a fully equipped food trailer. This investment will result in new efficiencies for the business as she has been operating as a food stand and spends valuable time and resources setting up, loading equipment, traveling back and forth to events, and packing up when weather is bad. The new trailer will allow her to focus more time on her customers and give her increased flexibility. The financing secured comes after working closely with Open to Business for approximately 24 months. In that time, the business owner has built her branding, social media presence, budgeting skills, and financial projections in preparation for the loan request with her credit union. The total funding is $36,000. OTB is directly financing the purchase of baking equipment for the build-out of the trailer, as well as working capital for the overall project. *Does not capture relief loans/grants/funding facilitated by MCCD staff. Q2 Highlights, Networking, & Outreach • CDFI Award: Big news from MCCD! This June MCCD was awarded a $1.826M grant, the maximum, from the US Dept. of the Treasury CDFI Rapid Response Program (CDFI RRP). MCCD and 26 other CDFIs in Minnesota received this unprecedented funding which can be used for financial services and products, technical assistance, and loan loss reserves among other eligible uses. • Dakota County business owner and Open to Business client Annie Qaiser was recently named an MSP Business Journal Women in Business 2021 Honoree! Annie built her business out of a desire to bring HALAL certified skincare products to her family and community. All products are handmade by Annie with high quality and 100% natural ingredients (information is shared with Annie’s permission). o https://www.bizjournals.com/twincities/news/2021/07/19/2021-women-in-business-honorees-first- round.html o Check out Annie’s recent profile in the Star Tribune https://www.startribune.com/exposure-at-moa- helps-entrepreneur-grow-halal-certified-wellness-brand/600066744/ • OTB’s May 18th PPP Loan Forgiveness Q&A with Northeast Bank and Bottom Line Business Solutions was a great success. The webinar was recorded and is available for download via the link in my signature under News, Trainings, Events. • In partnership with the Dakota County Library System we are hosting an in-person networking and learning series at various library locations throughout Dakota County. The first event is a Small Business Lending Q&A on Dakota County Quarterly Report 3 August 18th from 9:30 – 10:30 AM at the Wescott Library in Eagan. I will be joined by Minnwest Bank. The event will be conversational, and we plan to discuss financing options and strategies for small business. • Thanks to all who shared out the Q2 OTB ads. We are focusing on lending outreach and strengthening our bank partnerships. I will continue targeted outreach to banks in Q3 & Q4 and always welcome direct referrals to your contacts. Warm introductions tend to work much better than cold outreach. • Office Hours: As of mid-June, in person client meetings have resumed on a case by case basis. I am available to meet in person with clients upon request. Virtual office hours will continue for the time being until there is a demonstrated need for a regular in person schedule. Virtual hours are Mondays and Wednesdays from 1 – 3 PM and Friday mornings from 9:30 – noon. The signup link is in my email signature. • Meetings, presentations, and events that occurred in Q2 and early July include South Saint Paul presentation Apr 5, Mendota Heights presentation Apr 6, Northeast Bank meeting Apr 8, recurring Business Services/Economic Development Committee meetings, City of Rosemount presentation Apr 20, virtual attendance at Farmington State of the City April 29, virtual attendance at Employers of Excellence event May 13, virtual attendance at Eagan State of the City May 27, City of Eagan check in June 22. June and July bank outreach conversations include Bremer Bank, Choice Bank, Frandsen Bank, Genisys Credit Union, Home Federal, Minnwest Bank, Think Bank, and Wells Fargo. • Meetings, presentations, and events slated for Q3 include Prime Security Bank meeting Aug 4, MCCD Summer Social for Loan Committee Volunteers & Consortium Lending Partners Aug 12, Mendota Heights Community Coffee Connection at City Hall Aug 14, Small Business Lending Q&A Aug 18, recurring Business Services/Economic Development Committee meetings, Choice Bank group presentation Sept 20. • MCCD staff recently completed a 3-part diversity, equity, and inclusion training with one-on-one and group sessions focused on building our intercultural competencies. The training and assessments aimed to increase our effectiveness and understanding as we work across cultures within our organization and with clients. Client Profile: Greg Bolton, The Gym in Mendota Heights Greg Bolton, owner and operator of The Gym in Mendota Heights, prides himself on responding to the needs of the community as he meets new challenges with optimism and creativity. Greg’s gym offers a broad range of martial arts classes for a variety of age groups and skill levels. What sets this business apart is Greg’s solution-oriented mindset and his ability to recognize when there’s an opportunity to help his students and their families. Dakota County Quarterly Report 4 This commitment to finding solutions was particularly helpful in 2020 when, early in the pandemic, Greg recognized that some of the families in his community were experiencing challenges related to virtual learning at home. Greg swiftly launched Virtual Learning Camp by converting one of his practice rooms into a socially distanced classroom and hiring a part-time teacher to facilitate the virtual learning from The Gym. When students finished their schoolwork, they could play outside or join a martial arts class. Virtual Learning Camp continued through 2020 and proved to be a helpful alternative for the families and kids who participated. MCCD’s Open to Business team began working with Greg in 2016 when he secured financing for an expansion and remodel of The Gym. In 2020, the OTB team provided business advising and resources including partially forgivable capital via Minnesota’s Small Business Emergency Loan program. Greg plans to continue building community and growing his business in the years to come and MCCD will continue to be a resource for him along the way. The Gym Martial Arts / Group Fitness / Youth Programs 780 S Plaza Drive, Mendota Heights, MN 55120 651-683-0355 Hello@TheGymMH.com https://thegymmh.com/ Selected Program Feedback “You are a great resource for us as well as our clients.” - SBA Division Manager of Financial Institution, Lakeville “I really appreciate all that you do for Small Business.” - Rosemount Business Owner “I would encourage any small business owner to work with [Open to Business]. They are totally ‘there’ for you. I truly felt that I had people coaching me who were dedicated to helping my business succeed.” - Hastings Business Owner