by: McKenzie Taylor
As we approach the new year, it’s time to take a look back at the reason these businesses have been highlighted this year. These stories have been brought to you by the Wabasso EDA, Wabasso Commercial Club, and the Redwood Area Development Corporation.
An EDA is a legal entity created by a city or a county to facilitate a well-rounded development program by taking advantage of some of the port authority powers and all of the HRA powers. Some of the duties an EDA is allowed to do are actions such as buying and selling property, making loans or grants to distribute to local businesses, and to sell bonds.
The Wabasso EDA is a board made up of five volunteer citizens of Wabasso. Pat Eichten, Karl Guetter, Amanda Guetter, Chad Altermatt, and Chuck Robasse are the members that dedicate their time in an effort to help improve businesses in our area. They work together to take the comments, concerns, and ideas from the citizens of Wabasso in order to promote economic development and housing opportunities for the city.
One of the programs the EDA administers that has greatly benefitted local businesses is the Revolving Loan Fund. Currently, there are nine different businesses in Wabasso that are utilizing this resource. The money in Wabasso’s revolving loan fund was secured from DEED (Department of Employment and Economic Development) with the help of the contracted staff of the Redwood Area Development Corporation. This program is available to anyone looking for gap financing for new and/or existing businesses. Local businesses are strongly encouraged to apply. The revolving loan fund may also be used to provide financing for community development and infrastructure improvements that promote economic development in the city of Wabasso.
Another passion the EDA board shares and knows is crucial for the growth of the city is finding and creating new housing opportunities for residents in Wabasso or those looking to move to our community. The EDA currently manages and operates five units of rental housing for the community. The EDA was instrumental in developing the housing development on the east side of Wabasso. Recently, the EDA has been working hard to advertise the remaining vacant lots that are for sale on the East side of Wabasso. There are seven lots left available for new housing construction and range in price from $22,000 to $26,000. These lots are fully developed including paved streets, curb and gutter, and all municipal utilities.
Other projects you might not know about that the Wabasso EDA partnered with the Commercial Club on is the downtown beautification project. You may have noticed the potted plants around the businesses on Main Street that popped up this summer, this was done in an effort to brighten and beautify the downtown area which resulted from comments the EDA received through a strategic plan that was conducted. The business spotlights you’ve been reading are also something the EDA has implemented in the last year. The board members felt that this was an effective way to show their support for and to showcase the local businesses to encourage future growth and to create a “shop local” mentality for the city.
Pat Eichten, chair of the board says he is grateful for the opportunities that they are able to provide through the EDA, specifically the revolving loan fund, “The revolving loan fund has helped so many local businesses achieve their dream of owning their own business and it’s such a great resource to help new or expanding businesses find the capital they need at an attractive interest rate!” For more information about the revolving loan fund, or any other activities the Wabasso EDA is involved with, visit wabasso.org and click the “Businesses and Organizations” tab. If you are interested or looking for more information on board meetings, business or housing opportunities, you may also contact the city clerk, Brandon Baune at 507-342-5519.