Want to start or grow a business in the City of Saint Paul? Small businesses like yours are a great resource for economic development in the City. That is why the City of Saint Paul is committed to helping women entrepreneurs thrive in the business world. Of course, you are eager to launch that great idea and make your business dream a reality. The City is happy to support the growth of your business through funding, education, and other business opportunities to help you achieve success. Keep reading this article to get informed about the available business assistance resources in the City of Saint Paul.
Starting a Business in the City of Saint Paul
The City of Saint Paul has a guide to help women entrepreneurs start or launch their business ideas. Want to get started? Well, follow these steps:
- Imagine it. Have an idea already? Are you able to develop a viable business plan? This step involves researching to identify the gaps in the market and also the suitable location to carry out your business operations. Once you have done your research and come up with something, you need to create a plan on how you want to execute or launch your idea. Visit https://www.stpaul.gov/businesses/open-business/step-one-imagine-it for more.
- Make connections. This involves getting out of your comfort zone and striving to build a strong support network. Remember it’s not just about your business knowledge and skills, it is also about the people you interact with. What impact can they bring to your business life? Are they able to contribute to your success story? Meet other successful female entrepreneurs and business experts in the neighborhoods. Listen to them. This is an excellent way of creating awareness about your intentions and creating a strong customer base. For more details, please visit https://www.stpaul.gov/businesses/step-two-make-connections.
- Seek Funding. Don’t always think about your local bank as the only financial resource you have. Once you have developed a great plan of how you want to carry out your business tasks, you can seek other funding options available in the City. You just have to look for them in the right places and know who to approach for funding support. Find out more at https://www.stpaul.gov/businesses/step-three-find-funding.
- Get Approvals. You will need to acquire all that is required to set up your business and keep it running. The process can be frustrating, but the more organized you are, the quicker the process will be. Arrange for the permits and ensure you get approvals as soon as possible. Read more at https://www.stpaul.gov/businesses/step-four-get-approval.
- Open it. You have acquired all you need, from planning to funding to getting the approvals you need to set your pace and start running your business. It might be the time you hire employees. Please ensure you operate as per the labor and tax requirements in the City of Saint Paul. Always remember that the City provides resources to help grow your business through contracting, funding, and education opportunities. Learn more at https://www.stpaul.gov/businesses/step-5-open-it.
Business Funding Support Programs in the City of Saint Paul
The Department of Planning and Economic Development works closely with women entrepreneurs and founders to support the growth of their businesses. The Department’s staff can help you identify the funding support programs in the City of Saint Paul that will best fit your business needs. Some of the programs include:
- Neighborhood STAR. The program provides grants to women-owned businesses to help them have the capital they need t to expand their businesses. Grant awards range from $5,000 to $200,000.
- Cultural STAR. The Cultural STAR Program is dedicated to providing funding support through grants ranging from $5,000 to $50,000 to women-owned businesses that promote the arts and culture of the society.
- Strategic Investment Fund Program. Planning to relocate and do business in the City of Saint Paul? The Strategic Investment Fund is a program providing forgivable loans to female entrepreneurs to enable them successfully relocate to the City of Saint Paul.
- 2% Loan Program. The 2% loan program is one of the most reliable funding programs you will find in the City of Saint Paul. The program provides up to $25,000 loans at a 2% fixed interest rate to support women manufacturers and those running retail businesses.
- Commercial Vacant Building Program. The purpose of this program is to bring the vacant commercial buildings into reuse. The program provides women-owned businesses with loans of up to $25,000 to support this mission.
For more details about the existing financial support programs in the City of Saint Paul, please visit https://www.stpaul.gov/businesses/open-business-0/business-resources/city-financial-assistance.
Black, Indigenous, People of Color (BIPOC)-owned Businesses
Are you a black woman entrepreneur in need of support resources to achieve success in your business? Some of the helpful resources available to help you become a successful black businesswoman in the City of Saint Paul are discussed below:
- African Development Center. The center is committed to supporting black women entrepreneurs to start and grow their businesses through funding. Learn more about the program at https://www.adcminnesota.org/services-programs/start-business.
- Central Certification (CERT) Program. The purpose of the CERT program is to certify women-owned businesses in the City of Saint Paul. Business certification exposes women entrepreneurs to more opportunities including contracting and improving the recognition of their services to the community. Find out more at https://www.stpaul.gov/departments/human-rights-equal-economic-opportunity/contract-compliance-business-development/central.
- Emerging Entrepreneur Loan Program. This program provides access to capital to women entrepreneurs, veterans, low-income, and minority groups. The capital is provided through loans. Find out more at https://mn.gov/deed/business/financing-business/deed-programs/elp/.
HAP – Community and Economic Development
The HAP’s economic and economic development plays a crucial role in economic progress and prosperity. It allows investment in women-owned businesses, helping them to grow and succeed in the competitive business world. By cultivating an entrepreneurial culture in the City of Saint Paul, the program strives to improve the quality of life of the residents. HAP helps to create and facilitate processes that allow women-owned businesses to thrive and achieve prosperity. The organization supports women entrepreneurs through microloans, technical assistance, financial education, and training. The funding support is designed to help both startups and women-owned already established businesses to allow their growth and expansion. You can use the funds to build assets, that is, buy new office equipment or add stock if you have to, expand your office or operation space, and use some as working capital for normal business activities. For more details, please visit https://hmong.org/hap-impact-areas/economic-and-community-development/business-development/.