
The City of Shoreview Celebrates Economic Development Week, May 6th - May 10th
May 8, 2024
The City of Shoreview is excited to celebrate Economic Development Week (EDW) from May 6th - May 10th. EDW, established by the International Economic Development Council, highlights the importance of economic development in our region and across the globe.
Economic development is crucial for Shoreview’s growth and prosperity. It encompasses various initiatives, from attracting new businesses to supporting existing ones, creating new job opportunities, and enhancing our community's overall quality of life.
“Our business community and economic development efforts serve as the foundation for the vitality and success of our city. Shoreview works hard to foster a positive economic environment and support economic development, fully recognizing the critical role businesses play in making this a great community.”, states community development director Tom Simonson.
Understanding the Role of The City of Shoreview
At its core, economic development involves a range of activities to attract, create, and retain jobs to foster a resilient and growing economy. This collaborative effort requires close coordination between businesses, government entities, and various community stakeholders to achieve sustainable success.
The City of Shoreview dedicates itself to supporting businesses in Shoreview, Minnesota. Our services include:
- Business Retention & Expansion (BRE): Support existing businesses to thrive and expand, creating jobs through infrastructure improvements and resource access.
- Entrepreneurship and Small Business Development: Support small businesses and entrepreneurs with access to capital, space, and technical assistance.
- Real Estate Development: Work with brokers and developers to stimulate economic growth within the city.
- Incentives: Help businesses access financial services and incentive programs for growth and expansion.
- Workforce Development: Collaborate with agencies to ensure a skilled talent pool, understanding and addressing company workforce needs.
Driving Economic Development: How The City of Shoreview Supports Business Success
The City of Shoreview has an Economic Development Authority (EDA), which is our policy body responsible for economic growth. This group approves initiatives to support existing businesses, foster reinvestment in residential neighborhoods and commercial areas, and promote the creation of new businesses. They also find housing opportunities for employees to sustain and enhance the economic vitality and quality of life in the community.
In addition to the Economic Development Authority, the city of Shoreview also has an Economic Development Commission (EDC). The EDC is a separate entity that works to support business development and growth in Shoreview, with an emphasis on:
- Promoting businesses
- Advocating for a strong business community
- Retaining businesses
- Attracting new businesses
- Communicating between businesses and city officials
- Educating businesses on city policies and goals
- Providing networking opportunities
- Partnering with the city council and economic development authority
In addition to working towards the goals of the EDA and EDC, the City of Shoreview finds incentives for local businesses to make starting or expanding a business easier. These incentives include the Shoreview Revolving Loan Fund, tax abatements, tax increment financing, and more. Shoreview business owners are also encouraged to explore the full list of Minnesota state resources, which are outlined on The City of Shoreview’s website. These local business resources include the following:
- MN Vest: Minnesota’s equity crowdfunding program for small businesses
- Gopher Angels: a network of accredited investors seeking to invest capital and expertise in early-stage Minnesota businesses
- Indian Business Loan Program: supports the development of Indian-owned and operated businesses
- The Minnesota Innovation Loans for Entrepreneurs: provides interest-free loans to early-stage businesses developing or producing high-tech products or services in Minnesota
These are just a few of the extensive resources that Shoreview business owners can take advantage of. To get in touch with someone at the City of Shoreview about business incentives, contact us here.
The City of Shoreview: Your Partner in Business Growth and Development
During EDW, we celebrate the hard work and dedication of our economic developers and local leaders, who are committed to driving economic growth and improving our community's quality of life. We invite you to join us in recognizing their efforts and learning more about economic development's impact on our region.
To learn more about how The City of Shoreview can support your business or to get involved in our economic development initiatives, visit https://www.thinkshoreview.com.