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1) While in Calgary, Jolene met with leaders of BHE Montana as part of our ongoing business retention and expansion efforts. They are hiring in the Great Falls Montana Region! If you are interested in learning more about their open positions, email Heather at heather.brosh@bhemontana.com.
2) The Great Falls City Commission voted unanimously to approve a change in zoning to enable a new 92-unit riverfront housing development. Housing production remains our number one priority to maintaining affordability in our market. Many businesses reached out to the Commission to voice their need for new housing in Great Falls to accommodate their business growth and talent attraction needs.
3) Our High Plains Financial affiliate closed two SBA 504 loans in the amount total amount of $599,000 for a Great Falls business that decided to purchase and renovate a building in Downtown Great Falls for their practice. Mountain View Physical Therapy is a locally owned private practice physical therapy clinic that specialize in hands on care. Thanks to the great work of their banker, Matt McKamey, of Opportunity Bank of Montana, Mountain View Physical Therapy will now get to enjoy 25 years of a low, fixed interest rate and only had to come in with a 10% down payment. If your business is ready to stop leasing and secure a permanent location for your business, please contact Jill Kohles at 1-406-590-1056 or JKohles@GrowGreatFalls.org.
4) In partnership with the Home Builders Association of Great Falls, NeighborWorks Great Falls, and the Great Falls Association of Realtors we commissioned an updated housing market demand assessment by the Concord Group. We will be releasing the study, hearing about recent housing developments, and hearing from companies driving the demand on April 17 at Great Falls College. Register for the 2024 Great Falls Housing Summit!
5) KRTV ran a great story about the major grant Big Sandy Organics won to support their expansion! Helping Hands celebrated moving into their new facility in Great Falls donated by the First Lutheran Church; see KRTV. Community partners cut the ribbon on the new Safety Town at the Skyline Early Learning Family Center in Great Falls; see KRTV. The program is the result of a partnership between Great Falls Public Schools-Community Enrichment, the National Safety Town Center, and Great Falls Public Schools Foundation.
6) This week, seven businesses initiated the process of preparing to register as vendors with Northrup Grumman for the upcoming Sentinel Project project. It can take up to two years to be approved so don’t get left out. Contact Lillian Sunwall today at LSunwall@GrowGreatFalls.org or 1-406-750-1253.
7) Congratulations to Morrison-Maierle on their new downtown Great Falls office located at 21 3rd St North! With operations officially underway in their new 6400 sq.ft. space, the move signifies their impressive growth from 5 to 15 employees over the past four years. The new space was designed by LPW Architecture to accommodate their expansion, and the shift was necessary due to outgrowing their previous 2200 sq.ft. location. They chose downtown Great Falls due to its current growth and vibrancy. Still, they're not done expanding yet, as they actively seek to add 5 more team members. If you've been considering expanding your business to downtown Great Falls, call Christian at 1-406-836-0136 and let's discuss tools and resources that are available for your growth.
8) Gave a presentation to the board and leadership of a company that is expanding into Great Falls and has put a downtown property under agreement to purchase and renovate. Stay tuned for more exciting news!
9) Shannon and Lillian participated in the District 3 Pre-Bid Networking Conference hosted by the Montana Department of Transportation (MDT), aimed towards educating businesses about the MDT contracting process. Whether you’re a new or experienced contractor, we can help you navigate the complexities of contracting with MDT or obtain the Disadvantaged Business Enterprise (DBE) or Small Business Enterprise (SBE) State Certification that can set you apart from the competition. To learn more about these opportunities and how your business fits into government contracting on the local, state, and federal levels, contact Shannon Clancy at SClancy@GrowGreatFalls.org.
10) Often times there is a portion of a project that the bank cannot finance, and the borrower cannot fund. This is where SBA 504 financing may be available to help by providing fixed, low interest rate financing for up to 25 years. The High Plains Financial Board approved two SBA 504 loans this week. The first loan was in the amount of $519,750 for the construction of a new business. The second approval was for $480,000 to help a company expand their current business. Does your project have a financing gap? Please reach out to Jill Kohles at 1-406-590-1056 or JKohles@GrowGreatFalls.org to discuss your options.
11) Join employers across diverse industries at a hiring fair and career exploration on April 24 from 11 AM to 6 PM at the Mansfield Convention Center. Employer booths available fur $25 Great Falls Area Chamber Members and $50 Non-Chamber Members. Admission is free for attendees. Sign up for the event here.
12) Anna and Nicki were in Livingston at the Food and Ag Development Center Montana Network annual meeting. The Network exists to help Montanans innovate and grow businesses that produce and commercialize food, agricultural and renewable energy products, and processes. The FADCs support local businesses to create wealth and jobs for our communities, farms, and ranches while expanding Montana’s value-added agriculture industry. The Food Finance Institute hosted the second part of the meeting where Anna and Nicki gained valuable technical skills specific to food focused businesses. If you are looking to start or grow your own food and ag business and would like to know more about resources to support you, reach out to Anna at Anna@GrowGreatFalls.org or 1-406-590-1301.
13) The State Small Business Credit Initiative 2.0 (SSBCI 2.0) low interest rate program opened their application portal on March 22nd. The application portal is only open until April 12th. These funds can be used for business purposes including purchasing real estate, equipment or working capital. If you have a project that could move forward with the benefit of low interest rate funding, contact Jill Kohles at JKohles@GrowGreatFalls.org or 1-406-590-1056.
14) Jake and Nicki attended the 44th Home and Garden Show to meet with builders in our market. The 2021 Housing Demand Assessment noted the need for more subcontractors and companies that support large housing development projects. Is it time to expand your construction business? Reach out to Jake Clark at 1-406-403-4937 or Jake@GrowGreatFalls.org.
15) Are you able to Identify and Satisfy the Needs of Underserved Customers?Underserved markets are those segments of the population (business or individual consumers) that have not been served enough by existing businesses. These markets can be identified by looking at areas where there is a lack of competition, or where existing businesses do not offer the products or services that customers need. By understanding and targeting these underserved markets, businesses can expand their reach and grow their customer base.
Market Research & Trends Analysis
Market research and trends analysis are powerful tools for businesses to identify underserved customer needs. By analyzing current market trends and customer feedback, businesses can gain insight into what their customers are looking for in terms of products or services. This allows a business to then create or offer products or services that address the needs of their target audience, helping them not only remain competitive but even surpass their rivals in the market.
Trends analysis can also be used to identify opportunities for product or service innovation. By understanding the needs of customers and spotting emerging trends, businesses can create innovative solutions that meet those needs allowing them to gain a larger market share.
By combining market research with trends analysis, businesses can effectively identify underserved customer needs and develop strategies to address those needs while at the same time increasing revenues and building strong relationships with their customers.
Segment Underserved Markets & Reach Them Efficiently
Identifying and segmenting underserved markets is a crucial part of any successful marketing strategy. By understanding the needs of these target audiences, businesses can create customized campaigns that effectively reach them.
Businesses should conduct detailed research to not only identify their target audience but also to understand their needs and preferences. With the right type of research and analysis, business can create campaigns that are customized to its target audience’s interests and needs.
Marketing Strategies
Businesses seeking to reach underserved customer groups need to have well-thought-out marketing strategies that are designed to reach these customers creating content that is tailored specifically for the underserved target audience. Businesses should focus on building relationships with organizations who can help spread the word about their products or services.
Identify and Satisfy
A comprehensive outreach campaign is key for businesses looking to maximize their ROI. By leveraging these campaigns, businesses can tap into the potential of previously underserved customer groups and unlock new sources of revenue. Implementing an effective outreach strategy can help a business stay competitive and increase its profitability.
Want more information on customer segments, marketing channels or conducting market research? Please reach out to Al Gohary at AGohary@GrowGreatFalls.org or 1-406-750-0314.
16) A second round of Ag Infrastructure funding opened on April 1st. If you are an ag or food manufacturing business looking to purchase equipment, to upgrade your facility, or hire consulting services and have a clear project in mind, please reach out to Anna Flies. She can go over the funding guidelines and discuss eligibility. Reach her at 1-406-590-1301 or Anna@GrowGreatFalls.org
17) We're excited to share that we've been awarded two additional grants from the FHLB Des Moines Member Impact Fund! A huge thank you goes to First Interstate Bank for their matching contribution, securing us an additional $20,000, and to Wells Fargo for their matching grant, providing us with an additional $120,000! Both bank partners went above and beyond what we initially anticipated. These funds will support our work to boost economic development services, focusing on fostering entrepreneurship & addressing vital needs like housing & childcare. While there's one more announcement pending, these four awards bring our total from this program to $230,000. Thank you to our incredible bank partners for recognizing the significance of our work and standing by us as we strive to fuel growth in the region.
18) We Are Growing Our Awesome Staff Team. Download a description of openings for Loan Officer and Communications & Marketing Specialist.
19) I traveled to DC to network with federal leaders, bankers, and other community development lenders at the Council of Development Finance Agencies annual policy conference.
20) Communities that understand the value of economic development invest in the foundation of their own success, laying the groundwork for thriving businesses, vibrant neighborhoods, and a flourishing economy. Our team of investors and public partners is integral to driving our initiatives forward. Learn more about them by viewing this short video. Recent investments include: Pioneer Division—Wells Fargo; Pacesetter Division—M&D Construction. They understand the importance of our mission-driven work and recognize that collaboration is essential for fostering economic growth and expanding the tax base. If you would like to learn about our economic development strategy and find out how you can join the team that is driving progress in our region, reach out to Investment Director Jenn Gallmeier at 1-406-781-9499 or Jenn@GrowGreatFalls.org.
Headed back to DC today to represent the Great Falls region and the Montana Defense Alliance at the Defense Communities National Summit.
Have a prosperous, audacious week!
Brett
Brett Doney
President & CEO
1-406-750-2119
BDoney@GrowGreatFalls.org
Connect with me on LinkedIn to network with the Great Falls Montana region.
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"The first quality that is needed is audacity."
Winston Churchill
Edition 627
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