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<br /> Stewartville, MN <br />Business Incubation Program Guidelines <br /> <br /> <br />Goal: To encourage the creation and support of new for-profit businesses that maintain and <br />enhance a sustainable and diverse business climate within the City of Stewartville ’s <br />business/commercial districts. Further, this program seeks to provide business owners <br />with education and tools to increase opportunities for long -term success while filling <br />currently vacant commercial properties in the community. <br /> <br />For the purposes of this program, a new business may include a business that had been <br />previously operating out of a residence. <br /> <br />Funding & Timeline: $30,000 has been set aside for the funding of this program . <br /> <br />The program will run until funds are depleted or until cancellation by the EDA — <br />whichever occurs first. <br /> <br />Assistance: Business owners may receive rent assistance to locate new businesses into vacant <br />properties within the City. Rent assistance will be provided at decreasing amounts for <br />a total period of 18 months in accordance with the following schedule: <br /> <br /> 1. Months 1-6: 50% subsidy or $830/month maximum (whichever is less) <br />2. Months 7-12: 33% subsidy or $560/month maximum (whichever is less) <br />3. Months 13-18: 17% subsidy or $275/month maximum (whichever is less) <br /> <br />Business owners admitted to the program will also receive educational assistance in <br />the form of 90 minute classes on each of the core competencies outlined below: <br /> <br />1. Business Planning and Financial Projections (Prerequisite for this program) <br />2. Market Research <br />3. Pricing and Inventory <br />4. Marketing Strategies <br />5. Customer Service and Business Etiquette <br />6. Online Marketing—Websites and Social Media <br />7. Basic Bookkeeping <br />8. Legal Considerations for Small Businesses (incl. liability, insurance, taxes, <br />incorporation, etc.) <br /> <br />Business owners admitted to the program will be provided assistance with incurred <br />issues or questions in the following ways: <br /> <br />1. Quarterly meetings (with open financials) with the EDA’s Economic <br />Development staff and the City’s Finance Director. Additional meetings <br />may be scheduled as necessary and/or desired. <br />2. Access to Small Business Development Center consultation and resources. <br />3. Online forum/group for open questions and discussion wit h other program <br />participants and successful local businesses. <br />