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Michelle Hurd, left, owner of Michelle’s Sewing and Quilting Center, and Shauna Hannaman, owner of Refresh Salon and Spa, benefited from Blue Earth’s EDA loan programs in 2022. They used their prize money to make improvements to their main street. businesses.
Like a gardener, the role of the local economic development officer is to water the seeds of economic hope in the community and watch them grow into successful businesses.
One influential service EDAs distribute is through loan and grant programs. When the money is given at the right time, the funds will give them the boost they need to get off the ground.
Blue Earth EDA has received high interest in its various loan programs this year. Distributed a total of $75,000 in forgivable loan funds and $47,660.20 in other assistance programs in 2022.
It also implemented a brand-new program this year: one designed to help home service providers make improvements to their home-based businesses that often go through a lot of wear and tear.
A total of 18 Blue Earth businesses received financial awards from the EDA this year. Rejuvenation Salon and Spa, owned by Shawna and Mike Hannaman, was one.
Salon It is one of three businesses to receive 25,000 forgivable loans from EDA by 2022. The program’s goal is to promote and sustain businesses in Blue Earth.
The Hannamans applied for the loan after buying a classic cut salon. Part of the money is being used to install new chairs, a sink, a half wall, a tanning bed and signage, as well as new products and interior paint for the living room.
The improvements cost approximately $75,000, $50,000 of which the couple is self-financing and $25,000 borrowed by the EDA.
Hannaman shares the improvements currently planned.
“Getting (the loan) in was a big help.” Hanaman says. “It’s amazing how much money a small town has.”
Michelle Hurd, owner of Michelle’s Sewing and Quilting Center, applied for a different EDA program: the Business Improvement Loan Program.
After Hurd moved into the former Ankeny Furniture building, she used the money to finance the many improvements she made to the space.
Last spring, Hurd painted the interior of the shop, installed new lighting, ceiling tiles and carpet, refinished the floors and redid the bathroom. She also put a new sign and cover outside.
She used her ADA award money to cover the installation of the awning.
Hurd says she’s known about EDA loan programs for a while, and decided it would be a good idea to ask about funding for one of her projects.
“It’s always good if you can find out what your options are and get any help with updates.”she says.
Other EDA boards in the county offer similar opportunities to local businesses.
The Wales EDA offers several loan and grant programs, including a commercial building improvement grant for businesses to use to make improvements to their buildings, a revolving loan fund and a child care forgivable loan program for new licensees and help in the creation process. Quality child care facilities to provide local families.
The Board has introduced a new grant opportunity: the COVID-19 Loss of Income Relief Grant, which will assist businesses that have experienced loss of income during the outbreak. Wells has committed $25,000 in American Rescue Plan Act (ARPA) funds to the program, and eligible businesses can receive up to $5,000.
In the year In 2022, the Wales EDA distributed $16,899.55 in Business Construction Improvement Grants, $7,000 in Revolving Loan Funds and $2,000 in the Covid-19 Income Recovery Fund.
The Winnebago EDA offers several programs, including an external grant program with a dollar-for-dollar matching program with a maximum grant award of $6,000 and a revolving loan fund. In 2022, EDA distributed $74,000 to nine area businesses: $33,000 in external grant funds and $41,000 in indirect loan funds.
Amy Schaefer, Blue Earth EDA Specialist, said she enjoys seeing local businesses use their award funds to successfully launch their projects.
“I usually enjoy starting with new business owners.”Schaefer says. “Getting to know the business planning process, cash flow and projects, and seeing the work these business owners do before they ask for money is very rewarding.”
she ends “Our business owners work hard, and I’m excited to be able to help them on behalf of the EDA.”
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