Small Business Bulletin-November 2017

November 2017

In the News

A Passion for Traction Minnesota Business-October 2017 One of the newest bright ideas in small business management is EOS  – the Entrepreneurial Operating System. EOS is a complete set of concepts and practical tools designed to help small businesses succeed. Expert says it works best for small businesses with between 10 and 250 employees. Micro-businesses aren’t complex enough to warrant the strategy, while larger companies are too bureaucratic. Minnesota is an EOS hotbed, with more than 2,000 businesses participating.

Wabash National Opens for Business in Little Falls
Minneapolis Star Tribune-11/5/17

Wabash National, the Indiana-based maker of high-test, lightweight truck trailers, opened a plant in October in the former Larson Boat facility in Little Falls. Wabash, which invested $11 million in the building and equipment, expects to employ at least 100 within five years in Little Falls. DEED supported the project with funding from the Job Creation Fund, Minnesota Investment Fund and Job Training Incentive Program.

Recent Press Releases

L&M Radiator Plans $17.6 Million Expansion in Hibbing

L&M Radiator Inc. will invest $17.6 million and hire 22 new workers in an expansion of its facilities in Hibbing. The company, which designs, manufactures and distributes cooling products for heavy equipment, plans to add 100,000 square feet of manufacturing and office space to an existing facility in Hibbing. The new entry-level jobs will pay wages averaging $15.86 an hour. DEED approved the project for a $354,000 grant from the Job Creation Fund.

Celebrating Small Business Saturday

Small Business Saturday, which celebrates the contributions of small businesses nationwide, will be held on Saturday, Nov. 25, this year. During last year's event, 112 million shoppers showed their love for their favorite small businesses by spending an estimated $15.4 billion. American Express, which founded Small Business Saturday in 2010,  provides custom marketing materials that you can use to let customers know your business is participating. Go to Shop Small for ready-to-use materials, including posters, signs, websites, social media and more.

Employment Rights for Servicemembers

DEED has teamed up with the Meyer law firm of Shakopee to publish a free booklet for Minnesota businesses called  “Employing Servicemembers: What You Should Know About USERRA.”

USERRA, which stands for the Uniformed Services Employment and Reemployment and Rights Act, is a federal law that provides job protection to members of the uniformed services. The law protects the jobs of employees who are called to service, ensuring that they have employment to come back to after military duty.

This guide is available on DEED’s website and also available in print or CD-ROM from DEED’s Small Business Assistance Office at 651-259-7476, or 1-800-310-8323 or deed.mnsbao@state.mn.us. Requests also can be mailed to the Small Business Assistance Office at the First National Bank Building, 332 Minnesota St., Suite E-200, St. Paul, MN 55101-1351.

Did You Know?

The Minnesota Office of the U.S. Small Business Administration backed 2,056 loans totaling $681 million for the fiscal year that ended Sept. 30. Minneapolis ranked 10th out of 68 SBA district offices nationally for loan guarantees last year.