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Rob Smolund, second from right, talks about funding options available through the Metropolitan Consortium of Community Developers during the March 20 bank summit held in Farmington. Smolund is a business advisor with the new Open to Business program.

Farmington bank summit a success

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news Farmington, 55024
Farmington Minnesota P.O. Box 192 / 312 Oak St. 55024

The group wasn't large -- only 15 or so -- but all of the bankers and city officials on hand at the March 20 Farmington Bank Summit agreed the community needs more commercial and industrial businesses.


What's more, they're willing to work together to make that happen.

The first meeting of its kind locally, the Farmington Bank Summit was held to educate the community's bankers on the types of funding programs offered by the city of Farmington and Dakota County. It ran about an hour, but the group covered lots of content in that time.

City planner Lee Smick ran the discussion, which recapped the Farmington Economic Development Authority's plans to incorporate business incentive funding programs to entice new business to the city. Representatives from Anchor Bank, Castle Rock Bank, Premier Bank and Roundbank asked questions and gave input on some of the programs. Rob Smolund, business advisor with the Metropolitan Consortium of Community Developers, also attended to give information about the Open to Business program recently launched in Dakota County.

Smick will use the input to develop a list of ideas and recommendations to the Farmington EDA. She also intends to schedule future meetings to work through partnerships and incentive funding programs.