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DEED launching loan programs for small businesses


Fri, Oct 14th, 2011
Posted in Business Announcements

The Minnesota Department of Employment and Economic Development (DEED) has been awarded $15.5 million in federal funding for programs that will support small-business lending in the state.

The funding, from President Obama's Small Business Jobs Act, will provide loan guarantees to lenders making loans to Minnesota small businesses, make money available to lenders for direct loans of up to $150,000 and provide seed money for angel investment funds.

"This award is great news for Minnesota businesses, which are having difficulties accessing the capital necessary to expand and provide new jobs in our state," said Gov. Mark Dayton. "President Obama's initiative will mean more jobs for Minnesota."

"These funds will help break down barriers to loans for creditworthy small businesses looking to invest and hire in their local communities," said U.S. Treasurer Rosie Rios. "This program will help ensure that more Main Street entrepreneurs have access to the credit they need to expand their businesses and create new jobs."

DEED Commissioner Mark Phillips said tighter lending restrictions by banks and other financial entities since the recession have made it more difficult for promising businesses to obtain the funding they need to survive the early stages of development. "These programs will put money into the hands of small-business owners and give them an opportunity to grow and create jobs," he said.

DEED officials estimate the programs will serve 1,200 small businesses and attract an additional $200 million in private investment. Altogether, the agency anticipates 3,000 new jobs will be created.

Because the funding is designed to fuel access to capital, each dollar of DEED's overall financing must leverage $10 of funding by other lenders, although that won't be required for every program. Participating lenders must demonstrate that the DEED program funds are a necessary component of the financing package.

Although small businesses across the state are eligible, the department is encouraging business loans to underserved communities, especially in economically distressed areas of the state.

DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter. .....
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Arlin Falck Foundation accepting grant applications

Fri, Oct 14th, 2011
Posted in Business Announcements

Notice is hereby given that the Arlin Falck Foundation will accept applications for grants for community development, community promotions, community education, and similar matters. The grants shall be for the benefit of persons residing in Fillmore ..... 
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AgStar Fund solicits grant applications

Fri, Oct 14th, 2011
Posted in Business Announcements

The AgStar Fund for Rural America, the corporate giving program of AgStar Financial Services, is proud to announce it is once again accepting grant applications for programs that enhance the quality of life and future opportunities for rural residen ..... 
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Local lineworkers head to Wisconsin to aid in power restoration

Mon, Sep 12th, 2011
Posted in Business Announcements

Tri-County Electric Cooperative (TEC) sent four lineworkers to Friendship, Wis. earlier today to assist with power restoration efforts following a storm that rolled through its service territory. At one point Adams-Columbia Electric Cooperative, whi ..... 
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Emily Tracey, PA-C, joins Winona Health Rushford and Winona Clinics

Mon, Sep 12th, 2011
Posted in Business Announcements

Emily Tracey, a certified physician assistant (PA-C), has joined Winona Health's Family Practice Department and will see patients of all ages at both Rushford and Winona Clinics beginning mid-August.

"We're excited to have a new healthcare ..... 
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Coffee Street Inn in Lanesboro has new owner

Mon, Sep 12th, 2011
Posted in Business Announcements

Cheryl Sherry is the new Innkeeper for The Coffee Street Inn located in Lanesboro. Cheryl originally hails from Southern California and comes to the Coffee Street Inn from Fort Dodge, Iowa where she was working as a Community Relations Director in h ..... 
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Harmony Community Chest Opens Campaign

Mon, Sep 5th, 2011
Posted in Business Announcements

The Harmony Community Chest is starting its solicitation campaign early this year. Due to the difficulty in recruiting and retaining door-to-door solicitors, the Community Chest board members are trying a new approach that entails solicitation lette ..... 
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Two Luther College employees recieve Staff Excellence Awards for 2011

Mon, Aug 8th, 2011
Posted in Business Announcements

Decorah, Iowa - Luther College President Richard Torgerson has announced that staff members Marsha Wenthold and Jon Lund are the recipients of the Luther Staff Excellence Award for 2011.

The Staff Excellence Award recognizes exemplary perfo ..... 
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Gundersen Lutheran ranked in top 10 percent nationally for patient experience

Mon, Aug 8th, 2011
Posted in Business Announcements

Today, HealthGrades named Gundersen Lutheran a recipient of the 2011 Outstanding Patient Experience Award. The distinction ranks Gundersen Lutheran among the top 10 percent of hospitals in the nation.

The ranking is based on th ..... 
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