DATE: August 22, 2019
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Title
Northfield Enterprise Center Presentation - Introduction of Contract Negotiations
Body
SUMMARY AND ACTION REQUESTED:
The EDA will be hearing a presentation from Chris Whillock, Director of the NEC, on the current efforts of the Northfield Enterprise Center (NEC) with respect to the existing contract for services between the EDA and NEC. No action will be taken at this time. The Board may provide direction to staff following the presentation. The EDA is scheduled to review a revised contract at the September EDA meeting.
BACKGROUND:
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 ass...
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