Willmar Area Multicultural Business Center




WAMBC HAS MOVED TO 222 20th St SE, Willmar, MN 56201
PLEASE STOP IN AND CHECK IT OUT!

WAM-BC believes that fostering the entrepreneurial spirit with the right resources will create independent businesses that will be a positive force for themselves, their families and the community as a whole.

At present the WAM-BC has found a permanent location in the heart of downtown. It is ideally located in downtown with close proximity to the cluster of minority businesses and other community services; social, legal and of course development. This space in particular was selected because of its potential to house the WAM-BC Incubator offices and classroom/conference room. 

Technical Assistance (TA) Program:
Customized direct technical assistance is WAM-BC's number one strategy for successful return on all programs. Through our TA Program, you can start or expand a business with the confidence of possessing knowledge and an effective community advocate. more information.
(more information)

Micro-Loan Program:
Customized support for entrepreneurs through ongoing technical assistance and training as needed for the length of the loan. While banks generally require that businesses meet three criteria in lending—strong credit, collateral and cash flow—WAM-BC requires applicants to have a credit history demonstrating a reasonable assurance of loan repayment and some collateral. more information. (more information)

Business Incubator Program:
The WAM-BC incubator project aspires to serve as a launch pad from which minority entrepreneurs can make their business dreams a reality. 


WAM-BC 2013 Highlights & Accomplishments

Economic Business Development

  • Launched 8 new businesses in 7 different business sectors from food and retail to transportation and media;
  • Developed business plan for client who secured $170,000 worth of traditional financing;
  • Served 147 people;
  • Relocated a home business to a commercial location which resulted in revenue increase of 28.59%;
  • In the past two years WAM-BC has assisted businesses in creating 77 jobs
  • 32 jobs that were created exceeded the Federal Minimum wage by 44%
  • Our 5 major businesses had gross revenue over $2,287,738
  • WAM-BC’s Businesses increased assets in the amount of $698,000

Organizational Development

  • Added 3 new board members
  • Executed WAM-BC Strategic Plan
  • Revised our Bylaws
  • Grew our loan pool by $20,000
  • Sustained 75% of Incubator Program Participation
  • Officially changed our name to from the Willmar Area Multicultural Market to the Willmar Area Multicultural – Business Center (WAM-BC) a name that better reflected our services;
  • Became members of the National Association for Latino Community Asset Builders (NALCAB), San Antonio to increase our capacity on a national platform;
  • Brought our Micro Lending Program in house and with assistance from regional partners built it to be administered and managed locally;
  • Transformed our intake and data collection tools to best capture the impact of our programs;
  • Partnered with the Kandiyohi County and City of Willmar Economic Development Commission to conduct an economic study to include WAM-BC Businesses;
  • Completed full Building Performa in-house for the viability of owning our building location


 

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