Economic development seems to be the topic of a number of recent community meetings.

Another group can be added to the list. The Albert Lea Business Development Center, along with about a half dozen sponsor/donors, are offering new businesses an opportunity to receive up to $45,000.

&uot;This a good economic development opportunity,&uot; said Pam Bishop, vice president of Greater Jobs. She said that she hoped this would help attract businesses to Freeborn County.

There are a few rules that must be followed to receive the award. The businesses must be two years old or younger, they must be within the Freeborn County limits and they must complete an application.

&uot;We want to support the efforts of entrepreneurship,&uot; Bishop said.

The application, which must be submitted by March, should include a detailed business plan, containing a summary of finances, purpose and current status of the business.

Resumes of &uot;key administrative personnel&uot; must also be submitted.

A committee made up of bank representatives and chosen by Greater Jobs will evaluate the applications.

Lowell Bruns, president of U.S. Bank, said that he looks forward to helping new businesses get started.

He said a challenge for the committee &uot;will be to pick out the business plan that works best.&uot;

Selected businesses will be asked to have interviews with the committee.

Accountant Jane Adams said, &uot;The competition will force (businesses) to look at the components of a business plan.&uot; She said that business recognize the importance of a plan, but are not aware of all the individual parts that form such a plan.

Jim Siegel of Americana National Bank said, &uot;This is needed to teach companies how to work with banks.&uot;

The allocation of the award will be decided once businesses have applied. According to Bishop, they may give one business $45,000 or split it up among a few businesses. Leftover money, if there is any, can be used the following year, she said.

The sponsors include 10 local banks, the Albert Lea Medical Center, Greater Jobs and the Chamber of Commerce. The awards will be announced in May.

(Contact Benjamin Dipman at ben.dipman@albertleatribune.com or 379-3439.)