The St. Paul Foundation has made $2.1 million available for low-interest loans to support job creation in the St. Paul area.
Between 2000 and 2011, St. Paul lost 13.4 percent of its jobs, compared with a 2.2 percent loss of jobs nationwide and a 2.3 percent job loss in the Twin Cities for the same period, according to St. Paul-based Wilder Research.
“We need to create significant new high-quality jobs in the east metro area to help keep our region economically vibrant,” said Carleen Rhodes, CEO of the St. Paul Foundation. “Our goal is to help create jobs that can support a household and that have the potential for advancement.”
Two nonprofit economic-growth outfits — Neighborhood Development Center (NDC) and Metropolitan Economic Development Association (MEDA) — will receive a loan for slightly more than $1 million from the fund. They will, in turn, lend this money to east metro business start-ups and expansions that are creating employment opportunities. They will focus on businesses ripe for expansion to create jobs for low-income east metro residents, particularly people of color.
“These two exemplary nonprofits work in east metro neighborhoods, where there is great need,” Rhodes said. “Injecting $1 million into each will make a considerable difference. The capital will be recycled several times in the next 10 years. As businesses repay their loans, NDC and MEDA will lend it again to other job creators.”
In addition to the loans, each of the nonprofits will receive a $300,000 grant to increase their capacity to support loan operations, technical assistance to small businesses and a loan-loss reserve. They also will monitor and report on the economic and social impact of the loans.
The St. Paul Foundation worked with F.R. Bigelow Foundation, the Katherine B. Andersen Fund and the Northwest Area Foundation to create the loan fund.
United Way names campaign leaders
Dave Kvamme, CEO of Wells Fargo Minnesota, and his wife, Sandy, are co-chairs of the Greater Twin Cities United Way 2014 campaign.
“I’ve already had the opportunity to see how engaged and energized our local companies are in making sure this year’s campaign is successful,” Dave Kvamme said in a statement. “This truly is a community effort and will benefit so many who find their lives improved and transformed by United Way agency services.”
The campaign chairs lead the campaign committee, volunteers who represent a variety of donor groups that develop and implement strategies to meet the yearly campaign’s fundraising goals.
“The leadership demonstrated by Dave and Sandy Kvamme during this year’s campaign will prove invaluable,” said Sarah Caruso, United Way president and CEO. “With Dave and Sandy’s enthusiasm and leadership combined with the continued support of Wells Fargo team members throughout the region, [United Way] is poised to make major strides in meeting campaign goals.”
Kvamme, a 30-year financial services veteran, also serves on the boards of the Itasca Group, the Minnesota Chamber of Commerce and Twin Cities Habitat for Humanity.
3M donates land to Maplewood
3M Co. has donated a parcel of land to the city of Maplewood that is under construction for a new fire station and police station.
The new building, at 600 McKnight Road, will replace an existing fire station at 1177 N. Century Av., and will include a police substation.