HomeMy WebLinkAboutV.A - OTB 1st Quarter Report
Business Advisor for Dakota County: Natalie Mouilso, nmouilso@mccdmn.org, 952-451-6390
Clients Served YTD
Client Inquiry 4
Existing - Challenged 5
Existing -Opportunity 23
Pre-start planning 21
Start-up 14
Total 67
Business Owner Demographics YTD
Low-Income Owned 23
BIPOC or Immigrant Owned 31
Woman Owned 34
Financing & Access to Capital YTD
Approved (YRLY Total) $ 391,200.00
Equity (YRLY Total) $ 229,200.00
Facilitated (YRLY Total) $2,472,600.00
Program Hours
TA Program HRS
1st QTR 330.50 159
Total 330.50 159
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
“I’m so grateful for you and your mentorship. Having this advice and the sounding board is so helpful for me.”
– Eagan Entrepreneur
Dakota County Q1 Report 3.31.2023
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Industry Segment YTD
Construction / Real Estate 2
Food 7
Health/Fitness 6
Manufacturing 2
Consulting 7
Retail 20
Service 17
Other 6
Total 67
Referral Source YTD
Bank Referral
7
Entrepreneur 1
Friends and Family 10
Municipality 21
MCCD Partner 4
Other 9
Web 15
Total 67
City YTD Business Resident
Apple Valley 5 3
Burnsville 4 2
Eagan 10 11
Farmington 7 8
Hastings 8 3
Inver Grove Heights 6 7
Lakeville 7 8
Mendota Heights 1 1
Rosemount 4 6
South St. Paul 1 3
West St. Paul 4 4
Other Dakota Co. 0 1
Other/ No Data 11 10
“I wanted to extend my appreciation for including my question in the Legal Webinar.
The feedback shared was very helpful.”
– Lakeville Business Owner
Dakota County Q1 Report 3.31.2023
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Direct Financing & Access to Capital
Business Type: Thai Grocery Store
Business Locations: Burnsville & South Saint Paul
Owner Residence: Woodbury
Referred by: Bank Partner & City of South Saint Paul
MCCD Financing: $125,000
Owner Equity: $125,000
Other Financing: $1,920,000
Overview: MCCD approved gap financing for a BIPOC-owned business expansion. The owners currently operate
a Thai grocery store in Burnsville and are expanding the business to include a new wholesale and distribution
business line with a second location in South Saint Paul to include extra storage for the grocery inventory as well
as a deli walk up window. The project is a ground up construction of a multitenant building which will include
space for two additional tenants. MCCD financing will be utilized for construction costs.
Business Type: Financial Advisory
Business Location: Hastings & Lakeville
Owner Residence: Lakeville
Referred by: Bank Partner
MCCD Financing: $204,000
Owner Equity: $46,000
Other Financing: $255,000
Overview: MCCD approved permanent term financing for a commercial real estate purchase by a growing
financial advisory business based in Lakeville with a second location in Hastings. The project was brought to
MCCD via a bank partner and the real estate transaction is part of a larger business expansion plan and
ownership transition for the Hastings location. The real estate purchase and eventual business purchase will
retain 6 full-time jobs and create 1 new full-time position.
Business Type: Hair Braiding Salon
Business Location: Eagan
Owner Residence: Eagan
Referred by: MCCD Community Partner
MCCD Financing: $25,000
Owner Equity: $21,000
Overview: MCCD approved financing for this immigrant owned start-up hair braiding salon business. The owner
has been working in the industry for nearly 10 years, always renting chairs at other salons, and splitting her
profits with the salon owner. With startup capital provided by MCCD she will be able to open her own space in
Eagan, expand her clientele, and build wealth for herself and her family. In addition to braiding services, the
salon will have two rental chairs available and will sell high-quality products that cater to the Black and African
community in the area.
“I really want you to know how grateful I am to have met you, seriously.
I love how you’re always there for me sincerely and care so much.”
– Apple Valley Entrepreneur
Dakota County Q1 Report 3.31.2023
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Business Type: Adult Daycare Homes and Services
Business Locations: Business Office in Burnsville with homes owned in Inver Grove Heights (2), Apple Valley (1),
Farmington (1), Crystal (1), and newest location in New Hope (1)
Owners Residences: Eagan & Prior Lake
Referred by: Bank Partner
MCCD Financing: $37,200
Owner Equity: $37,200
Bank Financing: $297,600
Overview: MCCD partnered with Amplio and a local bank on this real estate transaction for a growing adult
daycare and homecare business. Our participation (which is considered equity by the SBA) at 10% of the total
project costs allowed the business owners to meet Amplio’s 20% equity requirement and retain much needed
working capital in the business. Through the real estate purchase, the owners are adding a new residential
home in New Hope, MN to the existing roster of home care facilities where the business operates throughout
the Twin Cities region. One of the business’s owners is Native American and the new location will create new
opportunities for the community of New Hope.
Highlights, Networking, & Outreach
Funding & Policy Updates
• The MN House of Representatives Economic Development Committee heard testimony of an MCCD Business
Advisor and an MCCD client in support of HF 504, the Small Business Partnership Program (SBPP). This year’s
SBPP bill has support from the House and Senate Omnibus Budget Bills and, if signed into law, will increase the
program’s budget to nonprofit organizations across the state that provide technical assistance to small business
owners and entrepreneurs. Additionally, the bill seeks to codify the program for years to come.
• In partnership with Minnesota’s Department of Human Services, MCCD launches Minnesota’s first Home and
Community Based Services Workforce Development cooperatives grant program. Direct support professionals
or retiring business owners who are interested in developing employee-owned cooperatives can apply for the
cooperatives grant opportunity via MCCD’s website. Ten grants are available to qualifying applicants and
selected groups will receive up to a total of $162,000 (just increased again from $100,000), split over two years,
to help direct care workers establish their own employee-owned cooperative businesses or transition a current
business to an employee-owned cooperative. Info sessions were held on Feb. 22, March 15, and April 12. More
information available via MCCD & MN DHS.
Staffing
• Congratulations to MCCD’s CEO, Elena Gaarder, honoree of the 2023 Women in Business by Minneapolis-St Paul
Business Journal. Elena and the other honorees were selected based on their outstanding professional
achievements, leadership qualities and community engagement.
• MCCD promotes Dakota County Business Advisor to Open to Business Senior Program Manager. The new role
recognizes the work that Natalie has been doing to develop and manage the growth of the Open to Business
program. Role responsibilities include resource library management, training and onboarding new team
members, supervising interns and fellows, and advancing marketing efforts. Natalie will continue to be the
dedicated Business Advisor for Dakota County along with her new role.
“I can’t believe this service is offered by the city; our conversation has been incredibly helpful!”
– Eagan Entrepreneur
Dakota County Q1 Report 3.31.2023
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Programming, Partnerships, & Trainings
• March 29 – MCCD hosted a webinar on how to utilize TikTok for Small Business. The webinar panel included
two BIPOC business owners who shared their experience and expertise with the platform. The discussion and
Q&A included best practices on maximizing engagement and converting followers to customers. Watch the
recording here.
• March – MCCD is pleased to announce our participation in the $28M funding package secured for the
redevelopment of the Coliseum on 27th and Lake Street in Minneapolis. The project puts a spotlight on the
importance of collaboration in community development work. As a Community Development Financial
Institution (CDFI), MCCD can use nontraditional funding when there are financing gaps. After exhausting all
other funding options through grants, loans, and fundraising, MCCD and partner CDFIs provided gap funding to
help ensure the Coliseum can once again be a beacon for local businesses and BIPOC entrepreneurs. CDFI
partners include African Development Center, WomenVenture, Mni Sota Fund, Neighborhood Development
Center, and MCCD. See the Star Tribune for more background on the project.
• April – MCCD launched the 2023 Emerging Leaders in Community Development program which equips
students, early-career and mid-career community development professionals with the knowledge and
relationships needed to effectively work with people and places to build a more equitable future. The 2023
cohort includes 10 mentors and mentees.
• April 18 – In partnership with the UMN Law School, MCCD hosted the first Small Business Law Q&A webinar of
2023. As in past legal Q&As, legal experts provide transaction-based legal assistance to small businesses on a
variety of subject matters including entity formation, owner distributions, and commercial lease review. These
Q&As are a great opportunity for business owners and entrepreneurs to get free guidance on legal matters.
Watch the recording here.
• April 27 – MCCD staff completed a 4-part Racial Equity training. Through more than 16 hours of instruction and
discussion, the MCCD team learned about core racial equity concepts, communicating to advance racial equity,
and how to apply a racial equity lens to our community and economic development work.
Advertising & Outreach
• In Q1, banker and lender outreach occurred specifically with Amplio, Frandsen Bank, US Bank, Minnwest Bank,
CorTrust Bank, Merchants Bank, Think Bank, and Bank Cherokee.
• In addition to banker outreach in Q1, written or in-person presentations were made and/or networking efforts
were made including testimony at the MN State Capital’s Economic Development Committee on Feb. 15,
Northwest Private Industry Council on March 1, the Dakota County Regional Chamber on March 6, presentation
to the City of Burnsville EDC on March 8, City of Lakeville & NEOO meeting on April 12, and regular/recurring
meetings with the Workforce Development Board’s Business Services/Economic Development
Committee. Partnership development / updates occurred with the University of MN Law School, Dakota County
CDA, the City of Inver Grove Heights, the City of Farmington, and the City of Eagan.
• 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.
Dakota County Q1 Report 3.31.2023
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MCCD Client Highlight
February 2023, The MN House of Representatives Economic Development Committee heard testimony from Dakota
County Business Advisor Natalie Mouilso and Burnsville business owner Henrietta Smaller in support of HF 504, the
Small Business Partnership Program (SBPP), carried by Burnsville Representative Jessica Hanson. The SBPP was first
funded over a decade ago and has been renewed annually since that time with a very small funding amount. This year’s
SBPP bill has support from the House and Senate Omnibus Budget Bills and, if signed into law, could significantly
increase the program’s budget. This program helps supplement MCCD’s technical assistance work in the Twin Cities
region and the program funds nonprofit organizations across the state that provide technical assistance to small
business owners and entrepreneurs. In addition to increasing the budget for the program, the 2023 bill also seeks to
codify the program for years to come!
Business Advisor Natalie Mouilso & Business Owner Henrietta Smaller at the State Capital
“Last summer I celebrated 4 years in business and now I am looking to expand and grow my business in a bigger
space. As an entrepreneur I have been so supported by my community and customers. Sometimes customers thank me
for being in the community and providing them with the products they need. It means a lot to be there for my
community, but I’m especially grateful to inspire my kids to not give up and work hard.
I’m here today in support of House File 504 because the information, support and guidance funded in part from this
program has helped me and my business.”
Henrietta Smaller, Owner of Stunning Beauty Supply, Burnsville
https://www.shopstunning.com/