Date: October 26, 2017
To: EDA Board of Commissioners
From: Nate Carlson, Economic Development Coordinator
Chris Heineman, Community Development Director
Subject:
TITLE
EDA Board action on 2018 NEC Contract
BODY
Action Requested:
The EDA is requested to make a motion of approval for the 2018 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.
Key services the NEC provides includes 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, and/or growing the a 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 of Commerce serves as the Rice County Small Business Development Center (SBDC). The SBDC provides approximately 250 hours of business counseling per year to local businesses. The only requirements to qualify for SBDC assistance is that the business owner live or own a business located in Rice County. The local SBDC counselor can assist with business plan development, analysis of financing and preparation of an SBA loan application. If additional assistance is needed, a representative from the SBDC office in Rochester is consulted.
While these services have always been available to Northfield business owners, they do not have offices in No...
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