The Fairfield Entrepreneurs Association, FEDA and Fairfield First announced the 2010 Local Economy Stimulus program, including a new micro-enterprise loan and access to equity capital at the third annual Local Economy Summit that was held on Saturday, February 13, 2010 at the Fairfield Public Library and attended by fifty people.
The Community Vitality Center recently awarded a $10,000 matching grant to Pathfinders Resource and Conservation District, FEA, Hometown Harvest of Southeast Iowa and the Sustainable Living Coalition. The grant will be used to provide micro-enterprise loans for local food and energy-savings entrepreneurs in Southeast Iowa, as well as technical assistance and consulting services for those companies.
Elisabet Humble, local food coordinator for Hometown Harvest of Southeast Iowa and John Dey, one of the owners of Everybody’s, said market demand was strong for more local food production. Dey suggested adding additional greenhouses in Fairfield to supply the local market.
Part of the CVC grant will be used to complete a feasibility study for a solar-heater hot water revolving loan fund for residents in Fairfield. According, to Lonnie Gamble, Assistant Professor of Sustainable Living at MUM, hot waters use 25% of the energy in an average home. Dave Neff from Iowa State Bank that plans are the works for local bankers to provide renewable energy home improvement loans along the lines as the Fairfield Revitalization loan program.
Dave Neff also stated that Iowa State Bank was encouraging companies to take advantage of SBA loan financing this year because the loan guarantee was 90% and there are no loan fees for application submitted prior to September 2010.
Burt Chojnowski reported that he was able to help secure a $6 million investment in a $75 million regional capital fund that will be actively seeking investment in Fairfield-based information technology, web-based, software and specialty food businesses.
Brett Willett, Vice President of FEDA, reported that he and his staff have been working with Fairfield’s top forty employers to nurture and support retention and expansion of jobs and training within Fairfield’s existing workforce.
Fairfield’s business sector is expected to see a 20% energy savings this year, according to Fairfield’s Green Business Council President, Ken Ross, CEO of Global ID.
The Green Business Council includes manufacturers, office building owners and non-profit building owners. The group has developed a game plan to audit and apply best technology and conservation practices to save money for local businesses.
Local Option Sales Tax (LOST) revenues have increased annually by 40% since 2001, according to Mayor Ed Malloy. He said the increase was due to the revitalization of Fairfield’s downtown retail economy due to the buy local campaigns, the Revitalization Loan Program, the Fairfield Art Walk and the Fairfield Arts and Convention Center. When asked it the May 4th election to use 12.5% of the LOST revenues to purchase the Fairfield Arts and Convention Center would take away from other needed programs, Mayor Malloy said these funds are discretionary and are not currently allocated for any other use. He also said the expected purchase price of $1.15 million would be a way to protect the city’s previous investment of $1.6 million. Burt Chojnowski added that the $2.75 million total investment by the city was much less than the $8 million value of the property. Bob Ferguson, who in charge of the fund-raising committee for FACC, said that they had launched a 300-100 program to provide ongoing operational support and sustainability for FACC. He said that a new initiative to secure 300 individuals or business pledges of $100 per month was underway.
FEA announced the publication of the 2010 Fairfield Business Review that will include the Fairfield entrepreneurial story and profiles of area businesses. The last Fairfield Business Review was published in 1980 and the 2010 edition will be available in print and online. The benefit for local businesses is to help tell their story, increase customers, attract employees and improve Internet search engine placement. Mario Van Dijk, FEA President, also announced a six-month mentoring program in marketing and social media to be led by Mark Cohen of Colloquy beginning in February.
