Date: Thursday, October 27, 2016
To: EDA Board of Commissioners
From: Northfield Economic Development Authority
Subject:
TITLE
NEC Quarterly Report and Consideration of 2017 Contract
BODY
Action Requested:
The EDA is asked to provide direction to staff regarding the 2017 NEC Contract.
Summary Report:
The Northfield Enterprise Center (NEC) was established by the EDA in 2001 to strengthen existing and start-up businesses in Northfield with business planning, financial modeling, and personalized business counseling services. Over the past 15 years, the NEC has continued to provide assistance to local businesses utilizing a combination of paid staff and volunteer support.
One of the key services the NEC provides are one-on-one counseling services for local businesses, advising and educating clients on business plans for starting a business, turning a business around, acquiring or selling a business, or growing the business. In addition, the NEC provides information on financing and connects businesses to financing sources. There are several other professional organizations that can also provide these services at no cost to the EDA such as the Service Corps of Retired Executives (SCORE) and the Small Business Development Corporation (SBDC).
The Faribault Chamber has been providing local businesses with a link to counseling services for the past 6 years and refers businesses to the appropriate resource based on where a business is in their process. The Faribault Chamber of Commerce serves as the fiscal agent for SCORE and also serves as a link to the Rochester SBDC office. The South Central Minnesota chapter of SCORE provides business mentoring services throughout Rice County and has worked with several Northfield businesses. SCORE uses various experienced business advisors, including the former President of the Faribault Woolen Mills.
The Faribault Chamber of Commerce also serves as the Rice County Small Business Develop...
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