In St. Paul, local entrepreneurs are receiving a stepping stone to business success through the Neighborhood Development Center's entrepreneurship program, Plan It!, which graduates, like Dalton Outlaw of Element Gym, are using to seed projects with community impact; his latest venture, Magnolia Flats, is poised to bring affordable housing to East St. Paul, converting a once-vacant lot into valuable real estate, this according to the Small Business Newsletter.
Financial shifts are also affecting the business landscape as the City of Saint Paul prepares for an imminent minimum wage increase effective July 1, 2025, the new rates see micro-businesses hiking wages to $13.25 and small businesses to $15.00; large businesses will maintain a $15.97 minimum wage, and down amidst the concrete and orange cones, Public Works continues shaking hands with multiple agencies in a relentless drive toward infrastructure improvement, with several key projects outlined in the newsletter.
Meanwhile, the Latino Economic Development Center has introduced a lending promotion offering loans at a reduced interest rate to support small business liquidity, and the Minnesota Pollution Control Agency extends a lifeline in the form of 0% interest loans aimed at encouraging environmentally informed business practices. In efforts to engage businesses with eco-friendly initiatives, the Center for Energy and Environment is offering considerable rebates for LED grow lights and promising free smart thermostats for commercial customers via Xcel Energy, both moves welcoming cost-effective and green solutions into the daily operations of local businesses.
There's also an open door for Black-owned businesses to garner investment through the New Impact Fund, which demands a prescreening call for potential applicants aligning with its mission to drive community and job impact. The Fund sets a series of key dates including a final selection on September 18, a move that stands to galvanize inclusivity in the business realm, all detailed in the newsletter's resource section.
All these unfolding developments and opportunities like Ramsey County's Emerging and Diverse Developers Program information sessions and WomenVenture’s guide on navigating the logistical labyrinth of business startup, along with myriad webinars and workshops, are heralding a comprehensive push towards economic vibrancy in St. Paul and the broader Minnesota area. These engagements strive for a synthesis of business savvy, environmental responsibility, and societal uplift, attempting to sculpt an economic landscape that's more inclusive, resilient, and future-forward.
