Spring Valley EDA Helps New Owners Purchase Greenhouse

Article by: Cathy Enerson

In the summer of 2018, Mitch and Carole Shultz started working with CEDA team member and Spring Valley EDA Director Cathy Enerson in hopes of purchasing the Spring Valley Greenhouse. As a small business counselor, Enerson was able to provide a great deal of assistance to the Shultz’s in preparation of their business plan and financial projections for the bank loan application process. “The Shultz’s were very responsive, considerate, and conservative in their approach to the process which helped keep things moving along steadily” said Enerson. Working through this information with Enerson had the Shultz’s “very well prepared” according to their banker Brendon Kacher of the Cresco Bank and Trust

In addition to the business counseling assistance, Enerson was also able to help the couple apply for $36,000 in gap financing from the Spring Valley EDA’s revolving loan program to complete the financing for the purchase.

CEDA provides services in both Spring Valley, MN and Cresco, IA to which Mitch Shultz credits the awareness of the assistance that Enerson could provide them in this process. “I recommend anyone going to the bank to buy a business first contact their local economic development office for available assistance.” Shultz says

The sale closed on November 20th, and the community of Spring Valley is very excited about the future Rustic Rose Greenhouse and Floral.