Waseca entices new small businesses with contest

Kristine Goodrich, The Free Press, Mankato, Minn.
·2 min read

May 15—WASECA — Economic development leaders in Waseca hope a contest will bring new small businesses to their town.

The top prize is $30,000 worth of grants and services, the Waseca Area Chamber of Commerce recently announced.

Every participant will gain resources to help them launch or expand their venture, said Ann Fitch, the chamber's executive director.

The Waseca New Business Challenge is open to any entrepreneur or group of entrepreneurs interested in starting a small business in Waseca or interested in opening a second or third location of their existing business.

Any type of business idea is welcome, Fitch said. It just has to have a brick-and-mortar location that would stay in Waseca for at least five years.

Fitch was inspired by a similar contest in Owatonna a few years ago that helped bring a record store and live music venue to that city's downtown.

Fitch partnered with the Small Business Development Center in Mankato to add a component to Waseca's contest.

Competitors must first participate in 10 weekly classes July 20 to Sept. 23 in which Small Business Development Center staff will give tools for starting and growing a business and help participants develop a business plan.

"A lot of people have the entrepreneurship spirit but don't always have the know-how to start and sustain a small business," Fitch said.

The class is $100 and that is the only fee to participate in the contest. Class graduates will receive $100 in "chamber bucks" to spend at Waseca businesses.

On Oct. 2 competitors will pitch their business plans to a panel of Waseca business and community judges.

The panel will pick one winner to receive over $30,000 in grants and business start-up services.

The Waseca Economic Development Authority will pay for $20,000 in equipment, building renovations or other "hard assets." The EDA will initially own those assets and give them to the company if it stays in operation in Waseca for five years.

The Waseca Area Foundation is giving $5,000 to help with rent or mortgage payments.

There are only a handful of building vacancies in the downtown area, Fitch said, but a wide variety of options in other parts of the city.

Other prizes include free services donated by local companies and organizations, including accounting, banking and legal services, a SCORE mentor, advertising in the Waseca newspaper and on radio stations, and a scholarship for an online business class at Riverland Community College.

Low-interest loans from the EDA and other resources also may be offered to runners-up. Private investors also will be invited to attend the pitches and may also have offers for competitors, Fitch said.

For more information about the contest and registration forms go to www.wasecachamber.com or call 507-835-3260.