The Rushford-Peterson Valley Chamber of Commerce emphasized the future as they held their annual meeting February 21. New Chamber Director Stephanie Eggert expressed her thanks to former Director Jen Hengel for her help in the transition. Eggert detailed plans for the upcoming year including an Autumn Trails Event, a business Open Doors Tour and a Career Exploration Day for students.
Eggert shared that a $5,000 Explore Minnesota Grant had been received; this year the grant did not need to be matched. The majority of the grant has been spent on advertising with Bike MN, The Commonweal Theatre, Visit Bluff Country ads and ads in the Driftless Journal.
A new canoe launch has been completed; Keela Hoskins of Studio OneSeven will be taking some pictures to update the flyers and website. The Chamber will be working with the local Lions Club on some Good Friday Easter events. Eggert has volunteered to take on the role of the Easter Bunny and is available to businesses wanting her to visit. Movie events will be occurring over the summer. Any businesses wishing to hold a movie night are encouraged to contact the Chamber.
The Chamber is applying for an art grant from the state. The grant would range from $3,500 to $35,000 and would be intended to bring artists to the area to hold local classes.
Entrepreneurial Opportunities
The keynote speakers for the annual meeting, sisters Kathryn and Becca Leys, both University of Minnesota Extension Educators in Community Economics, spoke about entrepreneurial opportunities in the Rushford and Peterson area.
Minnesota ranks #1 in five year business survival rate and #14 in total venture capital investment; however, Minnesota struggles with startup job creation per capita (#37) and new employer firms per capita (#31).
To explore pertinent data, Kathryn and Becca looked at the two types of businesses that they called seeds of an entrepreneurial economy – non-employer (businesses without paid employees) and home-based (businesses operating out of a home). Seventy-four percent of business establishments in Minnesota in 2020 were non-employer, and non-employer are often also home-based. The duo looked at 120 peer communities in Minnesota to see trends in entrepreneurship in Minnesota and what could possibly be a successful business in Rushford.
Businesses that do well appear to be mini-warehouses, automotive repair and plumbing and heating. The repair and maintenance businesses pull in shoppers from a distance and the community has the potential to become a hub.
Most business owners in peer cities are over 55; such owners need to think ahead of their retirement about business succession and connect with young entrepreneurs to arrange a smooth succession.
With health and social services concentration low in peer cities, there is a possibility to address supply shortages of medical devices as well as complementary services such as hotels and restaurants.
The lower cost of living and flexible work schedules helps businesses grow in communities such as the R-P area. Becca Leys shared a multitude of resources available to entrepreneurs at https://mn.gov/deed/ Leys encouraged new entrepreneurs to stay connected to their own community and take advantage of local resources.
EDA Opportunities
Tony Chladek, city of Rushford administrator, shared several funding sources available in the community. With the Commercial Revolving Loan Fund, business owners are able to borrow up to $50,000 at 2.5% interest. This loan is not to exceed 40% of the total project cost with the remainder provided by the business owner. No payment whatsoever is due the first year and up to 50% of the original loan may be forgiven after five years. Chladek encouraged business owners considering selling their businesses soon to take advantage of this loan to prepare and renovate their business before attempting to sell.
An EDA matching funds micro-grant program is also available to businesses. This program awards up to $500 grants toward events held in downtown Rushford such as dance performances, musical theater, magic, etc.
Additionally, Rushford offers a housing renovation program. Owners of homes that are 10 years old or older can borrow up to $25,000 to renovate their homes. No repayments are necessary for as long as the owner owns the home. Sally Ryman of the EDA pointed out that such loans are intended to help homeowners who “fall between the cracks” of the Semcac housing loans and bank loans; these loans do not compete with the banks or take away business from our local banks.
Chamber President Jerad Brown encouraged businesses to apply for the available funding. “The money is burning a hole in the city’s pocket,” he exclaimed.
Farmers Win Co-op Site Update
Chladek explained the planning process that Rushford will be following for the former Farmers Win Co-op site. The city of Rushford purchased the site for 35% of the original asking price. This summer, the city will invite community members to participate in a conversation about what the site could be used for in order to best help the community. Postcards will be sent to residents both before and after such conversations to keep the community informed.
A grant was awarded to the city to do the initial environmental studies on the site. Funding is available for cleanup and completing a marketing study. Professionals will. be brought in to do site plans and sketches.
Chladek promised, “We’re going to keep you informed!”
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