The Albert Lea Business Development Center Board has selected Allure Salon & Spa to receive an award from the Business Plan Recognition Program.

The Business Plan Recognition Program, created by the business development center, local lending institutions, the Albert Lea Chamber of Commerce, Mayo Clinic Health System in Albert Lea and the city of Albert Lea nearly 10 years ago, is an economic development tool focused on supporting entrepreneurship in Freeborn County.

It provides low-interest loans to businesses that meet the required business plan criteria.

After reviewing Allure’s business plan, the business development center board chose to award it a $15,000 loan for 36 months. Allure is a new salon and spa located on the corner of Newton Avenue and Main Street.

The business plan included a detailed description of the business including a market analysis, the management team and financial projections.

The business plan submitted by Allure demonstrated technical competence, market knowledge and organizational ability. It will be a valuable management tool for the company to help establish goals, identify tasks and to recognize the financial and physical needs of their new business.

Besides this revolving loan program, the business development center has multiple loan programs, contacts with lending institutions and counselors dedicated to providing the technical assistance needed to start a new business or help people with problems they might be having with your existing business. Businesses needing some guidance can contact 373-3930.