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HomeMy WebLinkAbout6.b. open to business EXECUTIVE SUMMARY Port Authority Date: April 20, 2021 AGENDA ITEM: Open to Business AGENDA SECTION: New Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 6.b. ATTACHMENTS: PowerPoint APPROVED BY: LJM RECOMMENDATION: None. BACKGROUND The City has participated in the Open to Business (OTB) program for several years. The most recent contract was for a 3-year period and a 1-year contact was renewed on March 16th. The Port budget takes into consideration the City’s share of the program, which is $4,500. Recently there has been some turnover in the personal providing the County service and the Port has not had face-to-face updates from OTB for several years. For this meeting, our County OTB representative Natalie Mouilso is virtually available to introduce herself and provide a brief presentation of her OTB work in Rosemount. She has a strong gauge on the business climate and community and is available for any questions the Port may have. The Port budget takes into consideration the City’s share of the program, which is $4,500. RECOMMENDATION None, informational update only. Natalie Mouilso Dakota County Business Advisor Email:nmouilso@mccdmn.org Direct :952-451-6390 Dedicated to building strong and stable communities through economic and community development •501c3 established 30+ years ago •CDFI since 2009 •Open to Business •Direct Lending •Credit Builder Program •Public Policy & Advocacy Free support to small businesses and entrepreneurs through one-on-one advising, access to capital, and direct financing •In partnership with counties and cities •Active in Dakota County since 2013 •Technical assistance and lending •Businesses in all stages •Confidential and objective •Who is an OTB Client? Every $1 invested in Open to Business generates an estimated $20 for small business technical support 2019 Program Wide Client Survey •192 small business loans •394 jobs created •$3.5M in direct loans •$16.5M in leveraged capital •$25K median sales tax impact •$16K median property tax impact •More than 7,000 TA hours Dakota County 2020 Outcomes •COVID 19 response •Existing businesses •High touch support •Virtual office hours •Bilingual Assistance •148 Clients Served •1,500 Hours •$98,000 Direct Loans •$133,000 Facilitated Program Stats •17 Businesses Assisted •~41% Existing businesses •~59% New businesses •~88% Rosemount residents •~30% LMI or Minority Owned •~ 35% Woman Owned •80 Hours of Direct TA •13 Jobs impacted (existing) City of Rosemount 2020 & YTD 2021 Referral Sources •~42% Municipality •~42% Web Search •~16% Other Source Industry •~24% Service / Retail •~24% Construction / Real Estate / Trade •~18% Health / Fitness •~18% Food •~12% Technology •~4% Consulting 2021 YTD & Upcoming •3-Part Webinar Series with Dakota County Library •Inver Hills Community College Student Success Day •Business Boot Camp •Group Learning Initiative •Resource Library •More to come! Natalie Mouilso Dakota County Business Advisor Email:nmouilso@mccdmn.org Direct :952-451-6390 Business cards &brochures available at City Hall. Referrals are welcome!