The Albert Lea Business Development Center advisory board has selected The Outlet to receive a loan award from the Business Plan Recognition Program, according to a press release.

The Business Plan Recognition Program was created by the ALBDC, local lending institutions, the Albert Lea-Freeborn County Chamber of Commerce, Mayo Clinic Health System in Albert Lea and the city of Albert Lea over 10 years ago.

The program 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. After reviewing The Outlet’s business plan, the ALBDC Board chose to award it a $10,000 loan for 60 months.

The Outlet is a co-working space with flexible options, including private, semi-private and open space work areas. The space is ideal for professionals, students and others who need a quiet and professional space to work from, the release stated. The Outlet also offers conference room rentals and event hosting on the main floor.

Owners Jodi and Beau Hartman have a passion for serving other new businesses and entrepreneurs in the community, the release stated.

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 Outlet demonstrated technical competence, passion for the niche and well-thought financial projections. It will be a valuable management tool for The Outlet to help establish goals, identify tasks and to recognize the financial and physical needs of the new business.

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

The Albert Lea Business Development Center, housed under the Albert Lea Economic Development Authority 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 who need some guidance may contact Noelle Hagen at 507-373-3930.