EDA Meeting March 16th, 2026

The City of Richfield Economic Development Authority (EDA) held a meeting on March 16, 2026, focusing primarily on small business support initiatives. The meeting included the election of EDA officers and a detailed presentation on the Elevate Henipin initiative, a collaborative program with Henipin County that provides small businesses with resources such as one-on-one advising, peer learning cohorts, and access to capital. The initiative has supported over 4,600 businesses with extensive advising hours and cohort graduations. Additionally, the EDA discussed and approved the creation of a Small Business Resiliency Program funded with $150,000 to provide forgivable loans to businesses impacted by recent federal immigration enforcement actions. The program will be administered by NextStage, a local nonprofit lender, and aims to offer quick financial assistance primarily for rent. The EDA also approved consent calendar items including bylaw amendments and official depository designations. The meeting emphasized outreach efforts to inform local businesses about these support programs and highlighted the importance of small businesses to the community's economic vitality.