Grow Minnesota!

‘Get Ready to Grow’

Small businesses receive $5.5 million in assistance

Ninety small businesses in Minnesota received a shot in the arm to weather the current economy, thanks to more than $5.5 million in grants and loans distributed by the Minnesota Chamber Foundation. Funding for the loans and grants was provided by the Pohlad Family Foundation and administered through Grow Minnesota!, the Minnesota Chamber’s private-sector initiative focusing on job retention and creation. These businesses are located in 62 communities.

The money was distributed through grants and low-interest loans. The lion’s share of applicants sought grants to retain key employees. Local chamber of commerce partners and other private-sector economic development organizations played a key role in receiving and reviewing applications.

Grow Minnesota! is Minnesota's first purely private sector, statewide business retention and expansion program. Its primary goal is to strengthen and grow Minnesota's economy. Initiated by the Minnesota Chamber of Commerce in September 2003, Grow Minnesota! is carried out in partnership with local chambers of commerce from across the state. Almost forty local chambers were selected as our partners for 2006-2007, the fourth year of the program.

Grow Your Business

Grow Minnesota! is Minnesota's first purely private sector, statewide business retention and expansion program. Its primary goal is to strengthen and grow Minnesota's economy. Initiated by the Minnesota Chamber of Commerce in 2003, Grow Minnesota! is carried out in partnership with 50 local chambers of commerce and economic development organizations from across the state.

The Minnesota Chamber firmly believes the private sector must take the lead on retention visits giving economic development more "eyes and ears" statewide.

Mission

Under the leadership of the Minnesota Chamber and local chamber partners, Grow Minnesota! will promote statewide collaboration on growing Minnesota's economy.

Grow Minnesota! will improve the economic vitality of Minnesota by 1) Encouraging companies to remain and expand in Minnesota;2) Establishing stronger ties among private -sector companies and their business advocates; Recommending community and public-sector responses to the trends affecting the development of the state's economy.

Over time, Grow Minnesota! will assume the responsibility of marketing Minnesota to the nation and world.

Solving Company Specific Problems

Community: Faribault
Company: Moventas, a Finnish company that manufactures gearboxes for wind turbines.
Issue: The company was considering locating an assembly and distribution facility in Faribault.
Assistance: The Faribault Area Chamber was engaged in the community’s business recruitment process and, as a Grow Minnesota! partner, asked the Minnesota Chamber to lend additional assistance. The chambers, along with Minnesota Department of Employment and Economic Development representatives, a local developer and public-sector officials promoted Minnesota and Faribault’s assets and business opportunities.
Result: Moventas announced in September 2008 its decision to build its first North American assembly plant in the Faribault area. The plant will provide 90 jobs in the initial phase with hundreds more in the anticipated growth. The construction of the multimillion dollar facility and long-term impact of the added jobs and tax base are a tremendous boost to the local economy. The company noted widespread cooperation and support by state and local economic development organizations as key to locating in Faribault.

Kymn Anderson, president, Faribault Area Chamber of Commerce:
"This economic win for the region, in an industry with immense potential, was secured through the cooperation of many entities. Thanks to our connections to Grow Minnesota!, we were able to bring key leaders to the table to demonstrate the cooperation and level of state and private-sector support for this kind of development in Minnesota." 

Download 2008-2009 Annual Report