June 2010
> PDF of this news
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Wadena Loan Fund (new as of 7.14.10)
The Initiative Foundation is administering a $150,000 emergency loan fund to help Wadena County businesses keep their doors open after the June 17, 2010 storm.
In partnership with the Minnesota Department of Employment and Economic Development and the Blandin Foundation, the Initiative Foundation is offering low-interest loans to provide working capital/recovery expenses to businesses as they return to normal operations.
Downloads:
> Wadena Fund Fact Sheet
> Application:
- fillable Word version
- printable PDF version
For more information contact Dean Uselman, Wadena Development Authority, at 218-631-7710, wadenadevelopment@arvig.net or Paul Kleinwachter, Initiative Foundation at 320-632-9255, pkleinwachter@ifound.org.
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FEATURED STORY
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Loan to Cambridge Metal and Plastics
Helps Retain 74 Jobs
The Initiative Foundation’s loan committee recently approved a loan to Cambridge Metal and Plastics (a division of Water Works Manufacturing, LLC).
With additional support from TCF Equipment Finance in Wayzata, MN and BLM Group in Wixom, Michigan, the financing package enabled the company to purchase new equipment while retaining 74 jobs.
With over 150,000 sq ft of manufacturing space, Cambridge Metal and Plastics (CMP) is a supplier to original equipment manufacturers (OEM) in the automobile and recreational vehicle industries, including companies like Honda and Polaris. CMP also distributes its own line of accessories for recreational vehicle industries
In April 2007, the Initiative Foundation originally approved financing to Water Works for equipment purchases. The company was located in St. Louis Park, MN at the time and planned to relocate and build a new building in the Cambridge area. At approximately the same time, Cambridge Metal and Plastics announced it would be closing its doors and shutting down all operations - eliminating over 100 manufacturing positions. Through a collaborative effort between the Initiative Foundation, and partners in the Cambridge area, a financing package was assembled that enabled Water Works to purchase Cambridge Metal and Plastics and retain 60 of the existing employees.
Significant investment has been made in new equipment and improvements since the ownership change occurred in 2007. The company is now off to a strong start in 2010!
Photo: The owners of Cambridge Metal and Plastics, all shown here at the loan closing, include (from left to right): Jim Shear, Rob Bass, Mike Glomski & Brian Nichols.
Other Loan Closings
During the second quarter of 2010, the Initiative Foundation, in collaboration with Landmark Community Bank and Central Minnesota Development Company, also provided financing to Granger Machine Inc., based in Isanti.
Granger is a specialty machining shop, with expertise in CNC milling and turning for water jet cutting equipment suppliers. The Initiative Foundation Loan Committee approved financing which enabled Granger to acquire a larger building to facilitate its growth. Among Granger's customers are AccuStream (New Brighton), a leading supplier of water jet cutting equipment and Starrett Tru-Stone (Waite Park), a supplier of precision measuring tools and equipment. Granger currently employs 18 people; this financing is expected to create three full-time and one part-time employee positions. Find them on the web at: www.grangermachine.com.
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WORKSHOPS & CONFERENCES
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Corporate Education and Outreach Workshops through St. Cloud State University
Starting a Business
Fall 2010 (10 three-hour sessions)
Saint Cloud State University’s Center for Continuing Studies works with businesses, industries and nonprofit organizations to identify the training needs of their workforce. Their training and professional development is then tailored to those needs. More information about these and other trainings offered by the Center for Continuing Studies can be found by visiting: www.scsutraining.com.
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Breakfast With the B.E.S.T.
(Building Excellence through Strategic Thinking)
August 11, Sept 8 (every second Wednesday of the month)
Registration 7 - 7:30AM and breakfast 7:30 - 8:30AM
Minnesota WorkForce Center: St. Cloud Technical College, St. Cloud
Breakfast With the B.E.S.T. is a monthly training series presented by Stearns-Benton Employment & Training Council in partnership with Stearns-Benton Workforce Council.
Cost is $25 per session. Register by calling Rosie Beager at 320.308.5701 or email at admissions@worforceu.com. More information can be found at: http://www.workforceu.com/pdfs/breakfast_with_the_best.pdf.
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Upcoming Small Business Development Center Workshops
For more information about the workshops offered by SBDCs in the area visit: http://mnsbdc.ecenterdirect.com/Conferences.action.
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Anderson Center Forums
In Anderson Center’s forums, skilled Discussion Leaders challenge experienced participants to teach and learn from each other through real-world case studies. Upcoming forums include:
- Alumni Forum – August 5
- Strategy Forum – August 9-11
- Roundtable Forum – September 16-17, Walker
For more information about the forums and other resources provided by the Anderson Center visit: www.acmbd.org or call 320-251-5420.
If you have information to share about local conferences, workshops or trainings please email Sharon at sgottwalt@ifound.org.
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THINGS TO KNOW
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USDA Loan Funds Help Foundation Spur Rural Business, Job Growth
The Initiative Foundation will use $750,000 in recently announced federal funds to boost economic development and job creation in seven central Minnesota counties. > download news release
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RESOURCES
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“Past Silos and Smokestacks: Transforming the Rural Economy in the Midwest”
Mark Drabenstott, Director of the Center for Regional Competitiveness at the Rural Policy Research Institute, recently wrote a new report on rural development, entitled Past Silos and Smokestacks: Transforming the Rural Economy in the Midwest.
Drabenstott writes about the need for the Midwestern United States to develop a new development strategy to succeed and compete in a global economy. As Drabenstott writes, "The rural Midwest must move past silos and smokestakes. Globalization has changed the field of play, demanding the region find a new playbook."
For the complete report, visit: www.thechicagocouncil.org.
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Business Valuation Services
Approximately one-third of the Northland's 8,000 privately-held companies are owned and managed by individuals over the age of 55. This presents an opportunity for The Northspan Group to provide technical assistance services for owners/managers who are contemplating retiring and exiting their businesses in the next few years.
Senior business developer Bob Palmquist recently completed education and certification training through the Institute of Business Appraisers (IBA) to conduct business valuations and appraisals. Pending IBA accreditation, Palmquist will be able to help answer questions such as what is my business worth, how can it be sold and who will operate it?
Business ownership transition and succession planning are at the forefront of this growing need. Northspan services can be utilized in estate planning, Employee Stock Ownership Plans (ESOP), litigation support, stock valuation for private placements, allocation of purchase price among tangible and intangible assets, business mergers, acquisition and divestitures, institutional financing, marital dissolution, buying out a partner or shareholder, and taxation issues for probate or federal estate taxes.
For more information contact Bob Palmquist at 218.529.7562 or bpalmquist@northspan.org.
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St. Cloud State University’s Microloan Program
In the fall of 2009 SCSU’s G.R. Herberger College of Business launched the SCSU Microloan Program (MLP). Microloan programs provide small loans to individuals interested in starting a business but who do not meet the eligibility criteria for a traditional bank loan. In development for over a year, this program remains relatively unique in its focus to involve students with microenterprises to enhance business development. East coast universities such as Yale and Rutgers have similar programs; we believe SCSU’s program is the only Midwest program of its kind.
The SCSU MPL was developed to help build business and economic capacity in the local community by providing education and lending services to aspiring and existing entrepreneurs. The program targets individuals considered underserved and who have limited avenues for raising funds to support their microenterprise, including individuals with low incomes, displaced workers and new Americans.
The MLP is a collaborative effort between the university and the local community. A partnership was created between SCSU and the Initiative Foundation for the financial component of the program. The foundation provides the banking services needed for awarding and processing the microloans.
For more information visit www.stcloudstate.edu/osp/documents/Fundamental.pdf or contact Jeremy Newhouse at neje0902@stcloudstate.edu.
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Is a Revolving Loan Fund For You?
Should your community (or region) create its own Revolving Loan Fund… a place where local people can make tax-friendly investments or leave gifts from their estate to “do good” right at home? The Initiative Foundation can help! You start a fund with us and we’ll handle the administration and paperwork while helping you make loans to grow local jobs and strengthen the local economy. Learn more on the foundation’s website or contact Curt Hanson, Initiative Foundation’s VP for Donor Services to talk about the possibilities.
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Business Owners Toolkit
The Business Owner’s Toolkit™ (www.toolkit.com) offers more than 5,000 pages of free cost-cutting tips, step-by-step checklists, real-life case studies, startup advice, and business templates to small business owners and entrepreneurs. The site also offers a monthly newsletter, up-to-date news topics, and Ask Alice!, a column that closely follows industry trends and provides trusted advice to inquiring site visitors.
Over 70 other great business-related resources can be found on the Initiative Foundation’s website by visiting: http://www.ifound.org/business_resources.php.
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A Small Business Resource Guide
This guide is available in the Spring 2007 issue of IQ magazine. Simply visit http://www.iqmag.org then click on “Archives” to find this issue or http://issuu.com/ to download, print or email the guide.
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This newsletter is designed to share resources and conferences or training events of common interest for program participants and supporters of the Initiative Foundation. For more information about these and other economic development opportunities, contact Randy Olson, Vice President for Economic Opportunity.
If you wish to be removed, update your email address or add other names/emails please contact Sharon at sgottwalt@ifound.org.
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