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Journey to Growth Plan $25M loan fund

April 04, 2019 Public Report On Journey to Growth Plan


$25M loan fund

 

PB Reporting:  

"Each workday, some 45,000 to 50,000 people come from surrounding areas to work in Rochester.

It is a daily reminder of Mayo Clinic’s and Rochester’s economic importance. Both are critical to the region’s success. The Legislature’s passage of Destination Medical Center, a $5.6 billion economic development initiative, in 2013 only underscored its king-of-the-hill status. 

But six years later, DMC-fueled growth has added urgency to a new question: What about the rest of Southeastern Minnesota? What about the area’s cities and towns? Are they to be mere bit players and adjuncts to Rochester and Mayo? Or does DMC’s potential for attracting people and talent create opportunities for surrounding communities?"

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"As part of J2G, lawmakers from Southeast Minnesota are seeking to create a $25 million revolving loan fund to spur business and entrepreneurial activity in the region’s towns and cities. A similar bill carried by state Rep. Greg Davids, R-Preston, was introduced in last year’s legislative session. It didn’t go far. This year, the bill is back with language nearly identical to last year’s version. With one big difference: It now is backed by an economic study that supporters say makes the case for investing millions in the region."

 

 

 

 

 

 


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April 04, 2019 Public Report On Journey to Growth Plan

 


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Admin Info

DMC Impact(s): Livable City Retail, Dining & Entertainment, Arts & Culture Commercial Research & Technology Health & Wellness Learning Environment

PlanScape(s): Business Process ; Children & Youth ; Diversity and Inclusion ; Economic Development ; Education ; Governance/Public Policy ; Workforce Development ; Vision/Identity

Community Health Impact(s):

Date: 2019/04/04

Last Modification Date: 2016-10-10T21:14:49-05:00

Last Modified by: support

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Site Information
Beam
  • For the commercial sector, we tend to register startup activities (new companies and new commercial projects) that bring diversification and high-impact opportunities to the area.
  • For the non-profit sector, we wish to shine light on all the organizations and services that otherwise labor under relative obscurity.
  • Our hope is that dmcbeam.org will encourage cross-sector collaborations and creative solutions.

While there are a number of registries in the community, dmcbeam.org's  distinct value is to pilot a database with a data structure and categorizations that answer the questions such as: What organizations or projects/programs in our community that have purported relevance with some of the over-arching focuses put forward by initiatives such as DMC, J2G and Health Improvements?

This database could be used as one of the ways to explore the capacities of the community. If you are someone on an exploratory journey to learn about the greater Rochester community. dmcbeam.org could be an interesting first step.

Definitions
The following defines the various project phases:
  1. Available - a product, program or service is in production
  2. Develop - program or application is being developed
  3. Plan - idea is solid, stakeholders are identified, and there is strong commitment to go forward from all parties.
  4. Concept Phase - idea scoped out with enough details to give an early sizing and/or to build a proof of concept
    demonstration
  5. Pre-concept Phase - an early idea or a requirement.
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