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
- Cash flow and financial projection development
- Operational analysis
- Licensing and regulatory assistance
- Loan packaging and financing
- Obtaining legal advice
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.
The types of businesses that generally benefit the most from the program include services, restaurants and specialty retail locations.
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.
Danette Parr, Economic Development Manager
Plymouth City Hall | 3400 Plymouth Blvd. | Plymouth, MN 55447-1482
P 763-509-5056 | firstname.lastname@example.org