PRESS RELEASE

For Immediate Release Tuesday July 24, 2007

Contact: Noel LaBine 763-477-3086

Partnership holds meeting to discuss Finance terms for
Revolving Loan Fund.

     

   

  On July 12, 2007, the Wright County Economic Development Partnership held a meeting at the Mid-Country Bank in Buffalo to discuss the possibility of changing the terms for the County Revolving Loan Fund. Those in attendance were Tom Screedan of Bank West, Kevin Weeres of Central MN Development Corporation, Brian Matzke of Citizens State Bank, Joe Anderson of the State Bank of Delano , Ryan Giesmann of Highland Bank, Anna-Lisa Hillukka of Larson Allen, Cory Ritter of Schlenner Wenner & Co., and Noel LaBine, Director of the Wright County Economic Development Partnership.

  After some discussion the group decided that changing the terms of the revolving loan fund would not make a difference as to the popularity of this fund. Currently, there is up to $50,000 available for a business with $20,000 per job created and maintained. The interest rate is prime to prime plus three depending on the level of risk. This loan is intended to support an equity gap or to support working capital needs in a young and or growing business.

  The group also had the opportunity to listen to Jon Blood of the IntelAccount Group of Minneapolis . This company is a new company that provides support for handling and reporting accounts payables. Their business model will save a company many hours of management time plus allowing them complete control of accounts payable in a manner that maximizes cash flow. This model works best with companies that have $1 million or more in annual sales.

  The Partnership exists to enhance the business climate of Wright County and to help create more jobs in Wright County . The strategies the Partnership uses to achieve its mission include being an information resource and finding technical assistance; aiding business development through Business Retention & Expansion visits, providing financing resources, and providing business information and training through seminars and workshops. Also, the Partnership markets Wright County to business site locators, and maintains an excellent website, which includes a listing of commercial and industrial property available in Wright County (see www.wrightpartnership.org ). The Partnership also assists with Workforce Development and has gathered economic statistical information, which is available on its website.