How to Finance Your Business
- Heather Westmoreland
- Feb 28
- 3 min read
LOOKING BACK:
On February 11th, we hosted the second of a year-long series of Ely for Ely monthly gatherings. These gatherings are intended to cultivate organic interaction and strengthen the webs of connection among our entrepreneurially-minded and civically engaged neighbors here in the Ely-area.
The theme of the program will change from month to month, and will be derived from insights gleaned at the Ely for Ely workshop that took place in November 2024. Various “hot topics” were discussed at the workshop, and themes that showed up across those conversations will be the focus of our efforts to learn and problem solve in collaboration with one another throughout the year.
How to secure funding was the theme of our January program. You can watch an abridged version of the How to Finance Your Business program below. This workshop was presented by Emily Roose of the Entrepreneur Fund (E-Fund). Whether or not you yourself dream of building a business in Ely, this is a relevant topic for you to explore.
Emily discusses the 5 C's of Credit and how they make you well-positioned to finance your business. If you're limited in any of these areas, she discusses resources to develop these markers for success in securing what you need to grow.
We also covered leveraging savings, creating a business plan, and how the Entrepreneur Fund can assist you in lending + advising.
LOOKING AHEAD:
The next Ely for Ely gathering will take place on Tuesday, March 11 at the Ely Area Community Hub. Announcements will begin at 7:45am. A Entrepreneurship: A Force for Good program will be provided by Nick Dunnom at 8:00am. You’ll be on your way to your next commitment by 8:45am.
Event location: Ely-Area Community Foundation Hub (760 Minders Drive East)
Our presenter this month is Nick Dunnom, a licensed business broker with the largest firm in the country, Sunbelt Business Advisors. Nick will help us expand our notions of entrepreneurship by giving you the tools to identify the right business for you. This presentation will include a discussion of small business trends and the pros and cons of buying versus starting a business.
Nick will help attendees learn how to assess risk versus reward, and to determine the earning power of a business. He will offer a step-by-step path to entrepreneurship, as well as a checklist for people to take home on the acquisition process, and a value driver assessment to use when analyzing a business for acquisition.
In his role as a licensed business broker with Sunbelt Business Advisors, Nick Dunnom provides expert counsel to business owners seeking to exit their business, with a focus on the Arrowhead Region in Minnesota. He believes that small business is a force for good, and is passionate about helping owners make the most from their life’s work, as well as helping future entrepreneurs turn their dreams into reality.
He serves his community through multiple chambers of commerce, industry associations, and nonprofits. Nick lives in Ely with his amazing wife and wonderful daughter. They enjoy spending time together taking advantage of all the opportunities Ely has to offer, bonus points if it includes the thrill of adventure.
Basic information about upcoming Ely for Ely programs can be found here.
“Nearly all local living economies include a range of organizations, networks, and funding sources designed to nurture small and “micro” enterprises. Those that begin at home as a way to save a little money, help family or neighbors, or reduce dependence on the bigger economy can sometimes be nurtured into independent businesses serving the broader community.” –Anthony Flaccavento
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