|
> News You Can Use
Besides awarding grants to nonprofit organizations, the Initiative Foundation also creates economic opportunity by lending funds to locally owned businesses. This unique ability enables us to strengthen communities like few other foundations. In partnership with other lenders, we finance the risk of new ventures in order to create quality jobs and reinforce our local economy. Living wages and benefits offer families such advantages as home ownership and a greater connection to their community.
The foundation is a supplementary lender, always working with other financial institutions to alleviate risk or equity concerns that may prevent a promising business from receiving the needed financing to start-up or expand.
When the foundation evaluates a potential business investment, our strongest consideration is given to community-focused entrepreneurs whose business plans include quality jobs, especially in the hometowns that need them most. Since 1986, the foundation has:
- Invested $23.8 million business loans & guaranties
- Leveraged $122.9 million from banks and lending partners
- Assisted in starting 325 new locally owned businesses
- Assisted in expanding 381 locally owned businesses
- Created or secured 7,770 quality jobs
The Initiative Foundation offers the following business financing programs to meet diverse regional needs. We prioritize technology-based and green businesses as well as value-added manufacturing and agriculture operations. Nontraditional business owners such as women and minorities are especially encouraged to apply.
In 1997, the Initiative Foundation received designation from the U.S. Treasury as a Community Development Financial Institution (CDFI), a specialized financial institution that works in market niches that are underserved by traditional financial institutions. In 2002, the Foundation was awarded a $1.1 million CDFI Fund Core Program Financial Assistance grant to capitalize the Technology Capital Fund.
News You Can Use for Business: March 2008
> PDF of this news
Office of JOBZ and Business Finance
The Minnesota Department of Employment & Economic Development is pleased to announce the creation of the Office of JOBZ and Business Finance. Staff in the Office of JOBZ and Business Finance are comprised of economic development specialists who work to create jobs and help small businesses grow in Minnesota. They deliver financial programs such as the Minnesota Investment Fund and the Job Opportunity Building Zones program that provide low-interest loans and tax incentives to businesses and local communities.
Office members include:
Bruce Strong, Director, Office of JOBZ and Business Finance
Phone: 651/259-7458
1st National Bank Bldg
332 Minnesota St #E200
St Paul, MN 55101
Samantha DiMaggio, Senior Loan Officer
Phone: 651/259-7426
E-mail: Samantha.Dimaggio@state.mn.us
Counties Served: Stearns, Benton, Sherburne, Wright, Sibley, Nicollet, Le Sueur, Brown, Watonwan, Blue Earth, Waseca, Martin, and Faribault
Emily Johnson, Senior Loan Officer
Phone: 651/259-7450
E-mail: Emily.A.Johnson@state.mn.us
Counties Served: Lake of the Woods, Mahnomen, Beltrami, Clearwater, Hubbard, Cass, Wadena, Crow Wing, Todd, Morrison, Kittson, Marshall, Roseau, Pennington, Red Lake, Polk, and Norman
Carol Pressley, Senior Loan Officer
Phone: 651/259-7427
E-mail: Carol.Pressley@state.mn.us
Counties Served: Koochiching, Itasca, St. Louis, Lake, Aitkin, Carlton, Cook, Pine, Mille Lacs, Kanabec, Isanti, Chisago, Rice, Steele, Freeborn, Goodhue, Dodge, Mower, Wabasha, Olmsted, Fillmore, Winona, and Houston
Breakfast with the B.E.S.T.
Building Excellence through Strategic Thinking – Join these dynamic monthly breakfast training seminars designed to keep your business on the cutting edge of change and innovation. For additional information visit:
http://www.workforceu.com/pdfs/breakfast_with_the_best.pdf
Minnesota Business Subsidy Updates
The Minnesota Business Assistance Form
Under current statutes, all government agencies with the authority to award business subsidies, including Job Opportunity Building Zones (JOBZ) projects, must submit a Minnesota Business Assistance Form (MBAF) to the Department of Employment and Economic Development (DEED) by April 1 of each year.
DEED is currently revising the MBAF for the reporting period Jan. 1, 2007 through Dec. 31, 2007. A PDF version of the revised form will be available online by March 15, 2008.
Due to the delay in finalizing the MBAF revision, the deadline this year for the form submission has been extended one month to May 1, 2008. Please print the form, complete it by hand and return it to DEED by May 1, 2008. Please note that if the MBAF is not submitted timely, DEED may determine that you are out of compliance.
If you have any questions, please contact Emily Johnson at 651-259-7450, or Samantha DiMaggio at 651-259-7426. People with a hearing or speech disability may contact us by using Minnesota Relay – 711 or 1-800-627-3529.
E-Verify
E-Verify is an Internet-based system that assists employers in electronically verifying the employment eligibility of newly hired employees. It allows employers to compare certain types of work eligibility with certain records from the U.S. Department of Homeland Security and the Social Security Administration.
Governor Pawlenty signed Executive Order (EO) 08-01 requiring any business that enters into a business subsidy agreement or receives a business subsidy after Jan. 29, 2008, to use the E-Verify system to verify that all employees hired after Jan. 29, 2008 are eligible to work in the United States .
There is no cost to participate in the E-Verify program. The process for employers to register and screen employees is easy. For more information about E-Verify visit the U.S. Citizenship and Immigration Services web site.
The programs primarily affected by this EO are the Minnesota Investment Fund, The Job Opportunity Building Zones program, the Agriculture and Economic Development Board programs and the Urban Initiative Program.
More Information:
> State of Minnesota, Department of Administration
> U.S. Department of Homeland Security, Citizenship & Immigration Services
MN Oomph! (Employee Wellness Tip)
Spring Walking Tune-up
By Wendy Bumgardner, About.com
Time to tune up your walking in anticipation of spring! With daylight savings time and warmer weather just around the corner, get ready to make the most of it.
You will need lighter clothing layers for spring. If you are new to walking, this is your chance to go shopping for shorts and light tops. If you are a veteran walker, time to unpack the spring and summer workout clothes and check to see what needs replaced.
Do your spring walking clothes from last year still fit? Maybe there is less of you now.
- Shirts: Sweat wicking shirts keep you comfortable in warmer weather
- Lightweight hat or visor: Hats can keep the sun off your head and out of your eyes
- Shorts: Time to let your legs out in the air
- Socks: Are they worn, is time for some new pairs? Also think of summer weight socks if you generally wear wool or heavy socks.
- Shoes: how many miles have you put on this pair? If you are over 300 miles, it is time to buy another pair to rotate with your present pair. Retire the old pair by 500 miles.
- Water Carriers: Be sure you have a carrier for water included in your walking gear as the temperatures begin to go up.
- Raingear: The proverbial April showers shouldn't keep you indoors. Guess what - you won't melt! Keep an umbrella and rain poncho or waterproof jacket handy.
Also engage in the grand tradition of spring cleaning and reorganizing - find a prominent place for your walking clothes, shoes, and gear so you can be ready to walk at any time.
Questions about Initiative Foundation Business News You Can Use? Contact Sharon at sgottwalt@ifound.org or 320-632-9255.
Archives:
Jan.08
|
