6 for 6!

For readers who may have missed previous columns, Grow Minnesota! is our business retention and expansion program in which we partner with the Minnesota Chamber of Commerce. We agree to call on about 55 local businesses annually, taking them through a survey and discussion about the health of their business, anticipated expansion plans and areas in which they are challenged where we may be able to provide support.

Fifty-three local chambers of commerce across the state, as well as the Minnesota Chamber of Commerce, make similar calls in their communities. More than 900 calls are completed annually, with all that information entered into a data analysis system. At year-end, we have a great snapshot of the health of our local business communities, as well as the state as a whole. Every Chamber Executive involved in Grow Minnesota! agrees it is one of the best ways we have to keep in touch with our members and the economic climate they face.

Last spring, the Pohlad Family Foundation wanted to assist vulnerable businesses that just needed a little extra help to make it through the economic recession. They chose Grow Minnesota! and local chambers to facilitate an application program for grants that would retain local jobs and loans for capital improvements and planning.

Locally, we received more than 50 applications. Out of those 50, our local selection committee chose 4 businesses to move forward to the state level for consideration. Statewide competition was fierce, with a total of 765 companies requesting $75.3 million in assistance.

In August we were notified that all four of our companies were chosen! They received a total of $205,000 to help keep them on their feet during the recession. The fact that all four of the companies we submitted were funded was astounding.

A second round of funding was announced in early fall, as some loan funds were still available. We were invited to submit a maximum of two companies for the additional funds. Again, we were successful in having both our submissions chosen for funding – an additional $90,000.

Our chamber was responsible for bringing $295,000 into our community last year, keeping our businesses strong and helping retain employment. Congratulations to RIE Coatings (retained two key marketing and sales jobs that drive the retention of 45 staff and production employees), Hour Glass Cleaners (notice their new façade), Quarterton Productions (planning grant), Foley Medical Supply (building a new internet site for additional sales capacity), and Woodmax, LLC (marketing and working capital). A sixth business received an employee retention grant and has asked to remain anonymous.

Great news, right? I cannot help but point out the efficiency and effectiveness with which the Pohlad Foundation, the Minnesota Chamber of Commerce and local chambers distributed these funds. Maybe the federal government would have done a better job with our stimulus dollars if they had enlisted the help of local chambers!

Teresa Bohnen
President