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Video: New Open to Business Program Focuses on Entrepreneurs, Small Businesses
Post Date:08/02/2016
Much attention has been paid to large companies expanding in or relocating to Plymouth in the last few years, but entrepreneurs and small businesses have not been forgotten. The City of Plymouth rolled out a new program aimed at small business growth this year. Watch the video on YouTube.
Open to Business offers business consultations, financial advisement and business loans to prospective or current entrepreneurs and small business owners. The program is a partnership between the City of Plymouth, Hennepin County and the Metropolitan Consortium of Community Developers (MCCD).
Advisors in the Open to Business program can provide free one-on-one counseling to assist with business plan development, feasibility analysis, marketing, cash flow and financial projection development, operational analysis, licensing and regulatory assistance, loan packaging and financing, and obtaining legal advice.
“This is a great program that concentrates on mid- to small-size businesses,” said Plymouth Economic Development Manager Danette Parr. “Open to Business can help mom-and-pop shops become established and bring a lot of uniqueness to the community. We're excited to make these resources available in Plymouth.”
Those in need of capital can apply for an Open to Business loan through MCCD ranging up to $25,000 for startup businesses, with a typical repayment term of three to five years. Larger loans are available for established businesses.
Sixteen Hennepin County cities are using the program. From 2012-2014, Open to Business assisted 877 businesses, facilitated $20.5 million in financing and helped create and retain about 500 jobs in Hennepin County.
