Today is a great day to do business in Moorhead
“West Central Initiative helps leverage resources in our communities for regional success; and success for us means thriving families, communities and businesses–it’s all inter-related,” stated Greg Wagner, Economic Development Planner. Clay County is one of nine Minnesota counties that West Central serves.
WCI has seven main priorities, and Wagner highlighted the two that he works most closely with: Supporting business development and increasing workforce skills.
WCI works with many partners, using the tools of economic development, community development and promoting philanthropy to help people and communities create a better tomorrow for west central Minnesota. These goals are accomplished by finding the most effective ways to use available funds and by utilizing the resources at hand. WCI forms partnerships, listens to community and regional perspectives, researches and gathers data, then combines all of these resources to guide decisions.
Since its inception in 1986, WCI has provided 845 business loans in excess of $35.5 million throughout west central Minnesota. WCI’s loan programs help to grow local ownership, encourage entrepreneurship, and help expand businesses to provide more jobs in the region. Clay County has received 522 grants totaling over $8.2 million and 140 loans totaling almost $4.8 million.
Wagner emphasized that the goal of WCI loans is not to compete with conventional lenders, but to provide funding in the form of gap loans, or to fund a small project that may not be financed by other lenders. For example, start-up businesses, businesses that have not been open long enough to have a record of accomplishment, or businesses that do not have enough collateral to meet bank guidelines are the WCI’s target groups.
In addition to business development, Wager added that WCI has developed the Workforce 2020 Training Grant that helps address problems created by a mismatch between the skills needed by the region’s manufacturing and industrial businesses and the skills readily available in the labor force or among current employees.
Wagner invites any interested business to contact him for further information regarding these issues. He emphasized that West Center Initiative is ready to help local businesses survive and grow. WCI is all about investing resources in our communities for regional success. WCI means business in west central Minnesota.
Contact: Greg Wagner, Economic Development Planner – Greg@wcif.org -218 739-2239