Open To Business Offers Networking And Resources For Small Local Businesses

Local small businesses and entrepreneurs are invited to a Golden Valley/New Hope Open To Business networking and resource-sharing meeting Thursday, Jan 3, 8 am, at Golden Valley City Hall, 7800 Golden Valley Rd.

Open To Business is a partnership between the Cities of Golden Valley and New Hope and the Metropolitan Consortium of Community Developers (MCCD). MCCD provides one-on-one business counseling to current and prospective Golden Valley and New Hope entrepreneurs who are then able to access MCCD’s small business loan fund.

Upcoming office hours for walk-in meetings are set for Jan 11, 9 – 11 am, at Golden Valley City Hall and Feb 12, 2 – 4 pm, at New Hope City Hall, 4401 Xylon Ave N.

The initiative started in March 2012 and has provided services to a number of businesses, two of which involved loan packages to Golden Valley businesses.

Rhinestones Unlimited, a local distributing company, is purchasing and rehabilitating a 10,000-square-foot building at 2305 Louisiana Ave with the help of MCCD financing, which helped leverage additional financing from Wells Fargo Bank. The family-owned company has 14 full- and part-time jobs.

Gotta Go Gotta Throw (GGGT), a wholesale distributor and retailer of disc golf equipment, received a MCCD loan to strengthen the company’s financial operations. In 2011, GGGT received an initial MCCD loan to improve cash flow and finance additional inventory. Located at 1200 Mendelssohn Ave, GGGT has 12 employees.

Since March 1, 2012, Golden Valley/New Hope Open To Business has served 21 small businesses and entrepreneurs in the two cities and approved $160,000 of direct and facilitated capital. Besides loan packaging, MCCD provided help with business feasibility and business plan development, cash flow analysis, marketing, and record keeping.

MCCD also has Open To Business partnerships with other cities in Hennepin County, including Brooklyn Center, Brooklyn Park, Eden Prairie, Edina, Hopkins, Maple Plain, Medina, Minnetonka, Osseo, Robbinsdale, and St Louis Park.

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