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Helping Small Businesses Succeed
- 1. Helping Small Businesses Succeed NADO ANNUAL TRAINING CONFERENCE SAN ANTONIO, TEXAS OCTOBER 18, 2016 1 Jay Trusty Executive Director Southwest Regional Development Commission
- 2. The Area 2 1973 Population 141,532 2014 Population 117,764 9 Counties 80 Cities 163 Townships 32 School Districts
- 3. Employment Labor Force = 64,751 Employment = 62,289 Unemployed = 2,462 Unemployment Rate = 3.8% Job Vacancies = 1,503 Median Hourly Wage = $14.79 3
- 4. Types of Businesses Manufacturing = 18.8% of total jobs 56.8% of businesses 1-4 employees 32.2% of businesses 5-19 employees Only 9 businesses in the region had more than 500 employees 4
- 6. PACE (Property Assessed Clean Energy) 6
- 7. What is PACE? Loan Program Loan is against the property, not the owner/business Low administration 7 Administrator
- 8. Why PACE? Focus on renewable energy Energy conservation/efficiency an underserved market Expand services to businesses 8
- 9. Who Financed the Pilot? Minnesota Department of Commerce, (ARRA funding) REED Fund (Rural Electric Economic Development) USDA/RD REDLG (Rural Economic Development Loan and Grant Program) 9
- 10. How Does PACE Work? Energy Audit Energy savings must be greater than the amount loaned Must be current on taxes Must pass historic building review Davis/Bacon applies Special Assessment is placed on property 10
- 11. Projects 10 Projects completed • Cottonwood County- 1 • Under 4 Story Housing Complex • Nobles County- 4 • Gas Stations (3), Multi-Purpose Building • Blue Earth County- 1 • Gift Shop • Renville County- 1 • Grocery Store • Lincoln County- 1 • Martial Arts Building • Jackson County- 1 • Bar/Grill • Redwood County- 1 • Bar/Grill 11
- 12. Blue Line Truckstop 12
- 13. B & D Market 13
- 15. Contact Information Jay Trusty Executive Director execdir@swrdc.org Robin Weis Economic Development Director robin@swrdc.org http://rmeb.org/pace.htm 15
Editor's Notes
- Source: Minnesota Department of Employment and Economic Development, August 2016.
- 10,240 jobs at 173 firms. Manufacturing is over 7 percent higher than the rest of the state. Ag, ag based and food production are the main industries. Small businesses account for % of all employment in the region
- Tara Kraft, owner of Colonial Laundromat and a bridal shop in Worthington. Many of our new businesses are being started by immigrants. Succession planning is also becoming an issue as we try to replace community business needs such as dentists and funeral homes as the current owners retire. We often partner with our Small business Development Center, the local economic development authority if there is one and the primary lender to help get a business off the ground.
- Energy Audit assistance is also available. An audit is usually around $1,200. The SRDC/RMEB received a USDA REAP (Rural Energy for America Program) Grant to provide audit assistance of 75% up to $750. Enough funds for 67 businesses. Many businesses “stack” benefits by also applying for REAP funding and/or accessing programs offered by their energy provider(s)