The Albert Lea Business Development Center advisory board has selected The Thirsty Fox to receive a loan award from the Business Plan Recognition Program.

The Business Plan Recognition Program, created by Albert Lea Business Development Center, local lending institutions, the Albert Lea-Freeborn County Chamber of Commerce, Mayo Clinic Health System and the city of Albert Lea over 10 years ago, is an economic development tool focused on supporting entrepreneurship in Freeborn County by providing low-interest loans to businesses that meet the required business plan criteria, according to a press release. After reviewing The Thirsty Fox’s business plan, the Albert Lea Business Development Center board chose to award the business a $40,000 loan for 48 months.

The Thirsty Fox is a new pub and grill opening in Albert Lea in August at 1105 S. Broadway Ave. The owner, Karl Milliron, was a finalist in the Tiger Cage business competition sponsored by Albert Lea Economic Development Agency and its ALEAP program, Albert Lea Business Development Center and local businesses.

A business plan is a detailed description of a business including future objectives and strategies to achieve them, a market analysis, the management team and financial projections. The business plan submitted by The Thirsty Fox demonstrated technical competence, market knowledge and organizational ability. It will be a valuable management tool for it to help establish goals, identify tasks and to recognize the financial and physical needs of its new business, the release stated.

In 2018, four local businesses have received loans through Albert Lea Economic Development programs.

Albert Lea Business Development Center housed under the ALEDA umbrella, serves as a place for entrepreneurs and small business owners of Freeborn County to gain access to the resources they need, such as SCORE mentoring, financing, entrepreneur programming through the Albert Lea Entrepreneur Advancement Program and incubator space. Business owners needing some guidance can contact Noelle Hagen at 507-373-3930.

ALEDA is the local economic development organization made up of two separate entities: the Albert Lea Port Authority and Greater Jobs Inc. If you are a new or expanding business owner looking for assistance or potential help with gap financing, contact ALEDA at 507-373-3930.