HomeMy WebLinkAboutItem 3 Open to Business ProgramCity of Lakeville
Community & Economic Development
Memorandum
To: Economic Development Commission
From: Kati Bachmayer, Economic Development Specialist
Copy: Justin Miller, City Administrator
David Olson, Community and Economic Development Director
Date: February 13, 2019
Subject: Dakota County’s Open to Business Program
The Open to Business program is a partnership between the Dakota County Community Development
Agency (CDA), cities in Dakota County (including Lakeville), and the Metropolitan Consortium of
Community Developers (MCCD). Dakota County’s MCCD representative, Laurie Crow, provides
confidential business counseling to current and prospective entrepreneurs on an individual basis.
Thanks to this partnership, Open to Business services are provided at no-cost to entrepreneurs and
small businesses located in Dakota County.
Ms. Crow works with small business owners to provide access to the technical assistance and financing
options they need to succeed. Open to Business can help with business and strategic planning;
marketing and communications planning; regulatory, tax, licensing and accounting training; financial
assessment; and referrals to critical professional services. The Open to Business program staff also
assist entrepreneurs to identify borrowing needs and accessing financing options to meet their needs.
When applicable, MCCD offers direct financing and loans in partnership with banks and nonprofit
lenders.
In 2018, the Open to Business program helped a total of 120 clients in Dakota County and Lakeville
saw 15 residents and 12 businesses assisted by the program. (Note: resident and business numbers
may have some overlap.) Laurie Crow is attending the meeting to provide a report to the EDC on the
2018 data and answer questions.
Action Requested: No action is requested. Ms. Crow’s presentation is informational in order to grow
the Open to Business client base and number of Lakeville residents and businesses that receive free
consulting services in 2019.
Clients Served:
Pre-Start Planning 42
Start-up 19
Existing Business- Opportunity 36
Existing Business- Challenged 23
Total Clients: 120
Financing:
Approved:
Number 11
Amount $ 565,000
Leveraged $ 6,336,220
Program Hours:
1st QTR- 454.75
2nd QTR- 404.00
3rd QTR- 484.00
4th QTR- 465.00
Total Contract: 1807.75
Referral Source:
Municipality 74
Other Entrepreneur 3
Bank Referral 6
Family/Friend 11
Other 16
Web 10
Dakota County Jan-Dec 2018
Open to Business
3137 Chicago Ave
Minneapolis, MN 55407
612-789-7337
Industry Segment:
Retail 18
Service 62
Food 26
Health/Fitness 6
Manufacturing 2
Construction/Real Estate 3
Technology 0
Professional/Consulting 3
City*: Bus. Res.
Apple Valley 6 8
Burnsville 19 17
Eagan 15 16
Farmington 9 10
Hastings 12 12
Inver Grove Heights 10 6
Lakeville 12 15
Mendota Heights 5 7
Rosemount 9 8
S. St. Paul 4 3
W. St. Paul 6 4
* Many clients are both residents of the
County, and operate or plan to operate in
the County as well. For the purposes of City
identification only they may appear in both
columns above. Total Clients reported
reflects unique engagements- aggregating
multiple cities- or owners- to a single client
engagement.