The Latino Enterprise Center was developed with the purpose of tackling rural economic development issues as a way to improve the capacity of rural Latino communities to integrate into the wider society. We do this by encouraging, supporting and developing leadership. The entrepreneurship wealth within our Latino communities is an effective path to leadership development while dealing with poverty issues from within the communities.
As described in the "about the LEC" page, the process of supporting entrepreneurs requires engaging the following areas:
- Outreach to entrepreneurs
- Business ideas exploration and evaluation
- Business management training and new business/start-up planning assistance
- Supporting access to start-up and working capital
- Technical business management assistance
- Support integration as a business growth and development strategy through public relations, communications, and the development of broad support networks
Here is a quick update on item 4 of the above. On November 9th, I met with Mihailo Temali, the director of the Neighborhood Development Center and Julie Causey, board chair of Western Bank in St. Paul. With me was Jim Blaha, director of the Northfield Area Communitiy Action Center and our main regional partner organization for the LEC work in Northfield.
The meeting was focused on exploring the mechanics behind starting, managing and growing small business lending programs. Western Bank and especially Mihailo (Mike) are what we consider pioneers and champions of this sector in the Twin Cities area.
Yesterday, I met again with bankers, except this time it was with Mark Mulke, Pesident of the Northfield’s Wells Fargo branch, Rick Estenson, VP of Business Development at First National Bank and Julie Cochlin, Commercial Banker at Community Resource Bank in Northfield.
The meeting was intended to sound out the idea of launching a regional small business lending program, and exploring the possibilities that existing infrastructure such as the bank’s and the Community Investment Fund LLC, (a joint venture formed by Carleton and St. Olaf colleges and local banks) among others, would take an initial interest in this idea. Specifically, we are gathering the support needed to justify the development of a business proposal to support small business lending for the "non-bankable" enterprises as we as developing "alternative funding sources" such as micro-lending to address the financing gaps that currently exist for small entrepreneurs but with a focus on the Latino-led enterprises. Though the links provided above don’t point to the whole spectrum of factors and needs that we are dealing with in our region, they provide some background for those of you who are wondering about the value and the meaning of investing in businesses for social responsibility.
We still have a lot of work to do to build the organizational infrastructure to deliver the economic development services needed in rural Minnesota, but things are moving at a very good speed. As we move along this path, we keep supporting entrepreneurs that are ready to explore business ideas, need help with their existing businesses or simply want to play a role in helping their communities. In between all of these activities, other organizations have become engaged with us, they include the Southern Minnesota Initiative Foundation, and Southwest Initiative Foundation, plus a network of twin cities based organizations and rural partners.
The details of all of this will keep coming for now, this is all and I thank you for staying tuned to our work.



