When building a business, a budding entrepreneur’s first stop is
often the bank. Financial institutions, of course, don’t have all resources a potential business owner may need, so bankers and lender rely on a network of support to meet the needs of their clients.
Over breakfast on Friday, January 11, at the Center for Innovation’s Idea Lab, area financial institutions heard from the Grand Forks Region Economic Development Corp. (EDC), the UND Center for Innovation (CFI), the Bank of North Dakota (BND), and the Small Business Development Center (SBDC), who highlighted our community’s tools available for lenders’ clients.
“Whether a business seeks information, space, or growth, our community’s banking and financial institutions should know that we are all a team who can help make those things happen,” said Brandon Baumbach, EDC Business Development Manager. “Together, we grow business in Grand Forks.”
The presenters followed the order in which a typical entrepreneur or businessperson may follow when building their business:
Small Business Development Center
In the early stages of creating a business, an entrepreneur likely will need some information, assistance, and suggestions to take their ideas to reality. SBDC helps individuals to start, manage and grow their businesses. Nicole Evans, Grand Forks Regional Director of SBDC, says her job is to guide clients through everything from training to financial analysis to marketing at no cost to the client.
Director of the CFI, Amy Whitney, called special attention to our region’s “vibrant economic ecosystem.” Her organization helps businesses that align with the CFI’s mission of innovation and entrepreneurship by licensing “turnkey” office space – fully furnished space – to start-ups and other innovative endeavors. The CFI is also developing a student-run marketing and communications firm, among other services to aid its clients.
BND is exempt from certain banking rules and regulations most financial institutions are subject to, making it a great financing partner from business inception to maturity. From seed funding to growth loans, BND’s interest is in the health of our state’s economy.
“We’re willing to take the risk to help growth of the economy,” said Ty Zeltinger, BND business banker.
GF Region Economic Development Corporation
The EDC’s mission is to expand economic opportunity for the Grand Forks region through industry growth and diversification, focusing on primary sector businesses, those who make good here and sell them outside the region. “Certified primary sector businesses qualify for business support programs, such as gap financing, property tax exemption, sales and use tax exemption, and interest rate subsidy,” Baumbach said, pointing to myriad business resources the EDC offers.
To learn more about support for business creation and expansion, contact the Grand Forks Region EDC.