Loan program and small business assistance available to underserved entrepreneurs in Red Wing

Red Wing Port Authority, Red Wing Ignite (RWI) and the Minority Owned Business Network (MOBN)  are partnering to support community entrepreneurs and small business owners with available loan funding and the education to use it properly.

“Our goal is to provide the resources and opportunities to feel confident in building a business from the ground up,” said Shari Chorney, Red Wing Port Authority Manager. 

The Port Authority recently approved the Advancing Entrepreneurs Loan Program to help advance opportunities for minority entrepreneurs who identify as Black, Indigenous or People of Color (BIPOC), women or veterans. Interested applicants can receive up to $20,000 in loans at 3% interest for a startup or existing business. Original businesses operational after six years will have the balance of the loan forgiven. Funding for the program includes $100,000 of American Rescue Plan Act money. Access an application here, while Chorney can answer questions regarding completing it via email or by calling (651)385-3639.

Collaborative effort

Pairing the Advancing Entrepreneurs Loan Program with resources at RWI and MOBN provides entrepreneurs the assistance necessary to get their businesses on the road to success.

“Interested entrepreneurs can apply for loan assistance from the Port Authority and the education on how to use it from Red Wing Ignite and the Minority Owned Business Network,” said Stacy Nimmo, Executive Director of RWI.

Red Wing Ignite (RWI) received a $4 million “Building to Scale” grant in November 2022 to support minority entrepreneurs through education and training. Together with the MOBN, RWI has created a BIPOC entrepreneur program to target outreach and address obstacles and inequities for traditionally marginalized founders. Services include networking events, workshops, 1:1 coaching and mentoring tailored toward BIPOC founders. 

“Our focus is on minority entrepreneurs because historical statistics indicate funding has not been proportionate to all groups,” said Nimmo. “This is an opportunity to level the playing field.”

Advancing Entrepreneurs Loan Program

The purpose of the Advancing Entrepreneurs Loan Program is to intentionally connect entrepreneurs with the right resources, at the right time, based on their application content, business structure and immediate needs. Entrepreneurs can connect with others learning to understand the importance of good business decisions and developing a successful business model. The program can provide overall community benefits, such as supporting the local economy through increased revenue generation, enhancing a small business support network and philanthropic encouragement for minorities to engage in economic development. Individual benefits include getting entrepreneurs plugged into the community and local education resources, building economic knowledge and learning the basics of owning a small business.

Process to apply

Funding is only as robust as the knowledge behind the best way to use it. Therefore, part of the application process is for interested parties to commit to working with RWI or MOBN to understand the necessities behind operating a successful small business. Expectations in conjunction with applying for the loan include:

Stage 1

• Meet with a RWI or MOBN coach for an onboarding session.
• Attend scheduled 1:1 sessions with business coach
• Complete business plan 
• Prepare and present a business pitch 

Stage 2

• Complete customized plan of action as prescribed by business coach
• Attend regularly scheduled 1:1 with business coach
• Complete any goal sheets, surveys or progress reports regularly
• Be willing to network with other entrepreneurs, organizations, and community leaders

After completing the RWI and MOBN programming, the applicant will be assisted by a coach to complete the Red Wing Port Authority Advancing Entrepreneurs Loan application.

RWI and MOBN have ongoing consulting services that may benefit entrepreneurs, including strategic planning, product evaluation, prototype development and technology resources. Since receiving the Building to Scale grant in November, RWI has served 188 unique entrepreneurs, of which 31% were BIPOC individuals or students. It also held 13 events with 214 attendees and more than 450 hours of education.

“We are very thankful for the Red Wing stakeholders who recognize we do not have the density of resources like that found in the Twin Cities,” said Nimmo. “Opportunities like the Advancing Entrepreneurs Loan Program allow collaborative partnerships to help entrepreneurs start their businesses, live and stay in Red Wing.”

Contact the Port Authority today!

The Port Authority allows Red Wing to proactively seek out, attract and retain businesses that add to the long-term vitality of our community. Contact us to learn more about our services to help small business owners and entrepreneurs with the hurdles they face today.