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City staff outlines new small-business grants and forgivable loans; University trade data may help target outreach
Summary
Nancy detailed two small-business programs (an entrepreneur grant with graduated matches and a building-improvement forgivable loan with five-year forgiveness); she also noted a 2023 retail trade analysis and potential access to University of Minnesota Placer.ai data to help attract retailers.
City staff presented two new small-business support programs and discussed how county and university market data could help Lindstrom attract retail.
Nancy described an entrepreneur grant program designed to help new or expanding small businesses. The program offers up to $2,000 with no match, $2,000'$5,000 with a 1:1 match, and $5,000'$10,000 with a 2:1 match; staff emphasized applicants must work with on-site Small Business Development Center (SBDC) consultants, provide a business plan and projections, and return quarterly for consultant check-ins. Nancy said the intent is to ensure applicants have a viable plan and "a little skin in the game" for larger awards.
The second program is a building-improvement forgivable loan aimed at leasehold or building improvements with a 5:1 match. The loan would forgive 20% per year over five years, so a business leaving before that period may owe a prorated share. Nancy said the county initially seeded the program with about $200,000.
Nancy also reviewed a 2023 retail trade analysis conducted by the University of Minnesota and said the university may share Placer.ai geofencing and visitation data with Lindstrom. Commissioners requested up-to-date traffic counts for Highway 8 to better position the city for retailer recruitment. Staff agreed to share links, advertise the programs through the Lindstrom business group and provide outreach materials to local businesses.
Commissioners welcomed the programs and recommended staff produce a simple FAQ and share application materials in the Lindstrom newsletter and business networks; staff said they would follow up with documents and outreach plans.
