The Albert Lea Economic Development Agency applied for and was awarded loan funds from a USDA Rural Development program — the Intermediary Relending Program. This program is designed to give assistance to new businesses or expansions that will create new jobs or save existing jobs. Prairie Senior Cottages was the first loan recipient for the program funds.

The Albert Lea Business Development Center Board has selected You Are Beautiful & More to receive an award from the Business Plan Recognition Program. The program, created by the ALBDC, local lending institutions, the Albert Lea Chamber of Commerce, Mayo Clinic Health System and Albert Lea more than 10 years ago, is an economic development tool focused on supporting entrepreneurship in Freeborn County by providing low-interest loans to businesses that meet the required business plan criteria. After reviewing the business plan, the ALBDC board chose to award a loan to You Are Beautiful & More, a new consignment shop located in the Skyline Plaza that will specialize in professional ladies’ clothing, size 12 and up. Owner Lisa Myran will feature antiques for sale.

“We are pleased to have these loan programs in our economic toolbox to help new businesses and entrepreneurs get started in our community,” said Ryan Nolander, executive director of the Albert Lea Economic Development Agency. “We wish both Prairie Senior Cottages and You Are Beautiful & More much success.”

ALEDA has multiple loan programs, contacts with lending institutions, and counselors dedicated to providing the technical assistance needed to start a new business or help existing businesses. It can be reached at 373-3930.