The Faribault County EDA is committed to supporting our local entrepreneurs. If your business is looking to add additional services, or grow your existing space, the EDA can provide resources to help you expand.

We understand that expansion requires careful planning and preparation, and we want to ensure that you are well-prepared for this exciting endeavor. To make the most out of your meeting with our staff or potential lenders, we recommend having the following items prepared:

Business Plan (Expanding a business link 1) - If your business has been in operation for three or more years, a condensed business plan may be helpful to organizing your future plans, and helping potential lenders and investors understand your business potential. In some cases, it may be helpful to complete a more detailed business plan. Here is a template with more detail. (Starting a business link 1)

Annual Profit and Loss Statements - Having annual profit and loss statements from the past three years will demonstrate to potential lenders and investors that your business has a stable and sufficient cash flow to support the planned expansion.

Balance Sheet - A balance sheet will show potential lenders and investors the story behind your business. It will give information as to your current assets and liabilities which will provide key information to securing collateral for your financial investment.

Financial Projections (Starting a business link 2) - If you are planning to finance your expansion through additional debt, it's essential to prepare three years of financial projections. These projections will outline your expected revenue, expenses, and profitability, giving you and your investors a clear picture of the future financial performance.

 Next Steps

For support navigating your next endeavor, simply browse through the links and information provided above. After reviewing the materials, feel free to reach out to us to schedule a meeting. We can further discuss your business idea, address any questions or concerns, and work together to plan your expansion.