08-25-1994 - Laserfiche WebLink

Home Browse Search

I. t nications and computer companies; and the MicroCircuits, which relocated to that city out with a 20 percent return on its invest- • third, a medical division, manufactures kid- in 1993. "This is the first company that we ment.The city has the option to convert its . ney-preservation units and products that made an equity investment in," says holdings to common stock if Hybrid goes measure oxygen content in blood for various Patricia Miller, economic-development- public in five years.The city's equity posi- tests in catheter labs.The company has about authority director for the city of Blue Earth. tion enabled Hybrid to secure an SBA loan S12 million in annual sales,Morrison says. Timothy Mullen, president of Hybrid for about S 170,000 for equipment and Another goal of the training?"We really MicroCircuits, says the $50,000 invest- inventory,Mullen says. want to emphasize leadership, problem ment is in preferred stock. The company, The company builds amplifiers for hear- solving and analytical skills for our people, which Mullen co-founded in December ing-aid manufacturers, a niche that has and have them become empowered and 1991 with Vice-President of Operations given the company a jump start on its origi- self-managing," he says. Waters Steve Meyer.has the option to buy the city nal projections. Mullen says he originally Instruments has found that more can be accomplished by using teams of people who have been given the appropriate train- ing and support,he explains. 11 II The Urban Challenge Grants i Program .7 ° .r �- Several more innovative economic-devel.- " ,. �`` F ~ g opmerrt programs are on the horizon ,:.-�' ^ CYnRti BANK _ . :—in Minnesota. ieis One is the Urban Challenge Grant r`y 3 Program. which will in-s a matching I� �la� grants provide nonprofit organizations that, in =� ,�--� turn, will make low-interest loans to �-_ --....=.-7-7:17--::: -��t '-"�' 41. busi- nesses in distressed areas. The program. to + be offered by the Department of Trade and Economic Development, plans to begin lhe tlS]111 SS Loans this fail. It will be financed by state appro- priations matched with private monies. The loan cap for each business is (14I I S150,000,according to DTED. TheCentuay, DTED officials say their intention is to choose nonprofit groups that will do more Which bank has made some of the most remarkable loans in than simply process the loans. Mark the Twin Cities, including the single largest SBA guaranteed Lofthus—director oc he-offee-of-r-eLuion-al l0a13_L1a 1992? initiatives at DIED. says the nonprofit Century Bank. groups will be referral resources— Why Century? Because we offer a wide variety of loans. designed to help businesses with technical, Because we understand entrepreneurs. Because we know how managerial and overall organizational to take the mystery out of commercial loans. And because we requirements. "We expect that the non- take pride in serving businesses and individuals with credit profit groups will be able to assess those needs up to two million dollars. companies' needs and either provide that At Century, we've put together a team of loan officers assistance in an ongoing way or see that with extensive experience, an understanding of the Twin someone within the constellation of ser- Cities business community, and a commitment to stay here. vices here in the Twin Cities is able to pro- So if your company needs a bank with a vision for vide that for them."Lofthus explains. businesses, call us today... for the loan of the Century. Community Investment Efforts 411[' While both the state and federal govern- • ments are supporting a number of economic- development efforts. some Minnesota com- j Centuiv Bank munities are working individually with busi- 11455 Viking Drive. Eden Prairie, MN 55344 • t612)943-2300 ' I 111 nesses to find innovative ways to help them. 1 3500 129th Avenue.Coon Rapids, MN 55488 •-612)421-2044 i NIE.IBER FDIC Blue Earth. MN. for example. made a 550.000 equity investment in Hybrid 1