Politics & Government
New City Partnership Encourages Economic Development
Open to Business program will offer business services to residents
A new economic development initiative will soon be available to current and prospective business owners in Golden Valley.
Through a partnership with New Hope, Golden Valley is applying for grant money from Hennepin County to join the Open to Business program offered by the Metropolitan Consortium of Community Developers. The program offers a variety of services to residents, including business plan development, feasibility studies, cash flow and financing projections, loan application preparation, and advocacy with lending institutions.
“It helps for small businesses to have access to business advice and also financing for small businesses,” City Manager Tom Burt said at last week's City Council meeting at .
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Burt said staff from the MCCD would keep office hours in the city once a week to make appointments with residents and business owners.
Councilmember Paula Pentel supported the partnership but expressed concern over possible “jurisdictional issues” if businesses receiving services are not located within the city.
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Both Pentel and Councilmember Mike Freiberg said they would like to see an accounting of who in the city utilizes the services and where businesses are located.
MCCD typically charges $10,000 for participation in the program. But between the partnership with New Hope and the Hennepin County grant, Golden Valley’s portion will cost the city $2,500 for the first year.
