Today, Governor Mark Dayton held a press conference to discuss Tuesday’s statewide jobs summit and announced that he will take immediate action to provide Minnesota job creators with access to funding by doubling the state’s investment in small businesses through a Small Business/Banking Partnership.
The Minnesota Small Business/Banking Partnership will be established by doubling in size a current program to make funds available to qualifying Minnesota banks for direct lending to job creators. Administered through the Minnesota State Board of Investment, approximately $100 million to $200 million will be deposited in Minnesota’s community banks for lending to their customers – principally small businesses throughout the state.
The partnership comes at the recommendation of the Governor’s Small Business Capital Access Task Force. The task force was established to address the concerns raised repeatedly by small businesses — that investment capital and credit are more difficult to obtain and their unavailability is a significant constraint to business expansion and job growth.
"That's how you re-employ 218,000 people - one job, one person at a time. Those who are off not seeking work come back in and those who are at lower paying jobs go to higher paying jobs and it's all one person at a time, one family at a time." - Governor Dayton discussing the Governor's Jobs Summit.
“Secondly is aligning our education system — in particular our higher education, technical training, and workforce development retraining for displaced workers — and aligning those training opportunities better with the jobs available now and the kinds of jobs most available in the future.” - Governor Dayton discussing the Governor's Jobs Summit.
Most of these access to capital initiatives of necessity, given the state’s budget limitations, have to come from the private sector to be run by the private sector, but then focused on our shared goal of providing that access for Minnesota businesses, new and expanding businesses, and more jobs for Minnesotans.” - Governor Dayton
“Per capita we have more community banks in Minnesota than any other state other than Illinois and Texas - that provides a network forgetting deposits out and lending to small business. So that is one recommendation which we're highlighting this morning.” - Tom Borman, owner and founder of Edina-based Tradition Capital Bank and the chairman of a Small Business Capital Access Task Force
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