Economic Development / Business Opportunities

ECONOMIC DEVELOPMENT

The City of Lanesboro Economic Development Authority (EDA) is committed to the growth and expansion of businesses, jobs, and community development in and around the City of Lanesboro. The EDA can assist with, Loans/Grants, Business Development, and Site Selection. The following is a list with links to business and community tools. For more information, contact Cathy Enerson. EDA Director at: cathy.enerson@cedausa.com

Recent Success Story – Lanesboro welcomes 20 new area businesses in 18 months during a pandemic, Learn More Here

New business in Lanesboro

Start A Business

LOCAL ECONOMIC DEVELOPMENT

The City of Lanesboro Economic Development Authority (EDA) is committed to the growth and expansion of businesses, jobs and community development in and around the City of Lanesboro. The EDA can assist with, Loans/Grants, Business Development, and Site Selection. The following is a list with links to business and community tools. For more information, contact Cathy Enerson. EDA Director at: cathy.enerson@cedausa.com

START A BUSINESS/LOCAL Economic Development Authority (EDA)

Southeast MN Economic Development Study

ABOUT THE REGION

Southeast MN Economic Development Study

The Southeastern Minnesota League of Municipalities (SEMLM) in October of 2018, released a study with an updated economic forecast for southeast Minnesota, and options for several major policy shifts to accommodate population and employment growth over the next 25 years. Among the policy options and recommendations are zoning changes to support greater housing production, expanded transportation networks, a regional tourism strategy, immigrant support resources, and programs to increase access to childcare – all designed to grow the region’s economic development potential.

The study – the first of its kind in the region – forecasts long-range population, employment, and economic activity in the entire Southeastern Minnesota region, on a county-by-county basis. The area, composed of Dodge, Fillmore, Goodhue, Houston, Mower, Olmsted, Wabasha, and Winona counties, encompasses 77 municipalities with more than 368,000 residents and 190,000 employees. Here is a  link to the study

L.E.A.N (Lanesboro Entrepreneur Network)

L.E.A.N (Lanesboro Entrepreneur Network)

 This sub-committee of the economic development authority works to benefit the overall business community and create an environment where entrepreneurial spirit stays high and small businesses can thrive.

The Goal – the tasks of the sub-committee are to provide technical assistance and tools to assist existing and new businesses expand and or start up within the City of Lanesboro using R.E.V mythology, complimenting the goals of an Art Campus City.  Providing Lanesboro’s business community with a rich environment where entrepreneurial spirit stays high and small businesses can thrive.

Quarterly meeting reports will keep the EDA volunteer members, sub-committee members, and the City of Lanesboro proactively supporting Lanesboro’s entrepreneurial growth. If you would like to join the committee contact Cathy Enerson – staff, cathy.enerson@cedausa.com, or Chair Elaine Edwards. Learn more here

Small Business Development Center

Minnesota Small Business Development Center Partnership 

The City of Lanesboro has a partnership with the SBDC office in Rochester. The SBDC provides business planning services, which provides quality assistance and services to businesses and entrepreneurs. Such as the development of business plans, cash flow projections, and legal assistance. The SBDC offers at no cost, confidential consulting to help businesses in SE MN identify, understand and overcome the challenges of starting a business, running a successful business, and developing exit strategies. For assistance contact mark.thein@rctc.edu or phone 507-459-2736.

CEDA

WE HELP SMALL COMMUNITIES DO BIG THINGS. We work with cities, counties, organizations and small businesses to help them be proactive and strategic about their development aspirations.

CEDA is serving 47 Rural communities in Minnesota, each contract with CEDA provides a variety of business and community development services.  CEDA can provide a consultant in your community for a project or annual contract. Community assistance includes 

CEDA offers a direct Micro Revolving Loan Fund, Entrepreneurial Loan Fund, Marketing in the Morning, and Regional Development Tour.  Since 1986, we have strived to give rural America a swing at the plate and currently have 37 team members serving over 60 communities in Minnesota, Iowa, and Wisconsin. LEARN ABOUT CEDA

SBA & SBA 504 Loan Corporation

Need capital for your small business check into the SBA programs

 WHAT IS AN SBA 504 LOAN?

In conjunction with the U.S. Small Business Administration (SBA), 504 Corporation finances businesses’ commercial real estate, and equipment purchases, and refinances debt used to purchase real estate and equipment. The down payment is normally 10% with startup businesses and single-purpose buildings required to pay 15% to 20%. 504 rates are fixed for the full term of the loan (10, 20, or 25 years) and are similar to a bank’s five-year fixed rates. These 504 loans finance up to 40% of costs with your bank financing 50% for a total of up to 90% financing.

We assist businesses located in Minnesota and six counties along the Minnesota/Wisconsin border to secure these loans through the SBA. Because these loans are funded with 100% backing of the federal government, the loans provide low down payments and long-term fixed interest rates to businesses. 504 Corporation is certified by the SBA to complete the 504 loan application, close the loan, and service the loan to make the process timely and seamless for the business and its bank. Learn more

EDA Board Members

Cathy Enerson – Director

Elaine Edwards – President

City Administrator – Treasurer and Secretary

Phil Dybing – Vice President

Joe Goetzke (Council Member)

Regular meetings are held on the first Thursday of each month at 10:30 a.m. in the Lanesboro Community Center, lower-level meeting room.  Any additional meetings will be posted on the city calendar.

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