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Michele Hard (left), owner of Michele’s Sewing and Quilting Center, and Shawna Hannaman (right), owner of Refresh Salon and Spa, benefited from Blue Earth EDA’s financing program in 2022. business.
Like a vigilant gardener, the role of your local Economic Development Authority (EDA) is to sow the seeds of economic potential in your community and, with any luck, watch them grow into successful businesses.
One of the influential services that EDA provides is distributing funds through loan and grant programs. Well-timed funding can give you the boost you need to get your business off the ground.
Blue Earth EDA has attracted interest in various financing programs this year. In 2022, cumulatively, he has $75,000 in loan funds and he has distributed $47,660.20 through other grant programs.
We also implemented a completely new program this year. This is a home care provider grant designed to help local child care providers fund home business improvements that are subject to a lot of wear and tear.
A total of 18 Blue Earth businesses received financial awards from EDA this year. The Refresh Salon and Spa owned by Shawna and Mike Hannaman is one of them.
The salon is one of three companies to receive a $25,000 forgiven loan from the EDA in 2022. The purpose of this program is to facilitate and provide for the continuation of Blue Earth’s existing businesses.
The Hanamans applied for a loan after purchasing the Classic Cut Salon. They use part of the funds to fund the installation of new chairs, dispensing sinks, washing machines, half walls, tanning beds, signage, new salon products and interior paint.
The remediation cost an estimated $75,000, of which $50,000 was paid by the couple themselves and $25,000 was loaned from the EDA.
Hannaman shares that planned improvements are currently underway.
“Came in and[the loan]was a big help.” Hannaman says. “The number of funds available to small towns is staggering.”
Michele Hard, owner of Michele’s Sewing and Quilting Center, has applied for another EDA program, the Commercial Improvement Loan Program.
After moving into the former Ankeny Furniture building, Hurd used the funds to fund many of the improvements he made to the space.
Last spring, Heard repainted the store’s interior, installed new lighting, ceiling tiles, carpet, refinished floors, and redone the bathrooms. She also installed new signs and awnings outside.
She used funds awarded by the EDA to cover the installation of the awning.
Hurd says he knew about EDA’s financing programs for some time and decided it would be a good idea to inquire about financing one of her projects.
“It’s always good to know what your options are and if you can get any help with updates.”she says
Other EDA commissions in the county offer similar opportunities for local businesses.
Wells EDA has created commercial building enhancement grants, revolving loan funds, new licenses that businesses can use to improve their buildings, and provide quality childcare slots to local families.
The Board also introduced new grant opportunities. COVID-19 Revenue Loss Relief Grant. This will help local businesses that have experienced loss of revenue during the pandemic. Wells is an American Relief Plans Act (ARPA) fund she has dedicated $25,000 to the program, and eligible businesses can receive up to $5,000.
In 2022, Wells EDA distributed $16,899.55 in commercial building enhancement grants, $7,000 in revolving loan funds, and $2,000 in COVID-19 revenue loss relief funds.
The Winnebago EDA also offers several programs, including the Exterior Grant Program, a dollar-for-dollar matching program that awards grants of up to $6,000, and the Revolving Loan Fund. In 2022, EDA has distributed his $74,000 to his nine businesses in the region. Of this, $33,000 is the Exterior Grant Fund and $41,000 is the Revolving Loan Fund.
Amy Schaefer, Blue Earth’s EDA specialist, says she enjoys seeing local businesses get off to a successful start using the funds awarded.
“Often, it’s nice to start with a new business owner from the beginning.”Shaffer says. “Developing a business plan, understanding cash flow and projects, and seeing all the work these business owners did before asking for money is very rewarding.”
She concludes: “Our business owners work hard and we are very happy to represent EDA and support them.”
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