TJD Repair and Service, LLC, received Blue Earth EDA’s October Business Spotlight Award. Owners Trey Dyslin, middle, and Jared Resutek, right, accepted the award from CEDA specialist Amy Schaefer, left.

The Blue Earth Economic Development Authority (EDA) Board of Directors met very early on Thursday, October 20 to go over their October schedule.

The EDA Board of Directors handled several legacy matters, including final approval of a professional services contract with Community and Economic Development Associates (CEDA).

The contract will secure the services of CEDA specialist Amy Schaefer for the city of Blue Earth in 2023. She is committed to working approximately four days per week.

Other than a 5% increase in annual repayments to CEDA, the contract shows no other changes from the 2022 CEDA contract.

Schaefer also told the EDA that it had added a clause to the council’s business improvement loan application that clarifies that businesses cannot apply for the loan retroactively.

“This year the program has been used a lot, but there has been miscommunication with people trying to use it retroactively,” Schaefer explained. “We have no way of knowing if our funding will still be available retroactively.”

Speaking on the popularity of the loan program, the EDA on October 20 provided a forgivable business improvement loan to Mike Lahti, owner of Lost Saint Brewing Company.

Lahti plans to add a patio to the back of the brewery site, as well as an accessible, ADA-compliant ramp leading to the seating area. He also wants to build stairs leading to the entrance of the building and add signage to the site.

The EDA approved Lahti’s request for a $5,000 loan to help cover the total estimated $10,170 cost of the project.

The EDA has also approved a loan request from Shawna Hannaman, who plans to purchase Blue Earth’s Classic Cuts with her husband.

The couple plans to make several upgrades to the business, including adding new chairs, a dispensary sink, washing machine, half wall, tanning bed, signage and new products.

The upgrades will cost around $75,000, with $50,000 of which the couple will fund themselves.

The EDA provided the couple with a five-year, $25,000 loan to help fund the improvements, at an interest rate of 6.5%.

“(Hannaman’s) daughter will be his successor”,Schaefer added. “They are set up very successfully for continuity.”

In an effort to encourage more local businesses to consider succession planning, the EDA has decided to financially sponsor local businesses that participate in a succession planning course offered by the University of Minnesota Extension in partnership with Vision One High Performance Group.

The course consists of five online classes offered on Thursdays from October 6 to November 10. The EDA will pay $250 of the total $500 cost of the course for local businesses that wish to participate.

“It’s a good course. He goes through (the companies), from start to finish, developing a succession plan,”Schaefer said, adding, “It’s our small businesses that really need it.

In other cases, the EDA Blue Earth:

• October Business Spotlight Award presented to TJD Repair and Service, LLC.

Owners Trey Dyslin and Jared Resutek attended the meeting to accept the award and told the EDA they have been busy performing oil changes and servicing the tractor-trailers and farm equipment. . TJD Repair and Service also started selling tires recently.

“We never thought we would sell tyres”Dyslin admitted.

• Met behind closed doors to discuss a real estate transaction. The EDA made no decision after the closed session.

About The Author

Related Posts