Minnesota Business Loans: North Star State Business Funding

The state home to over 10,000 lakes and the largest mall in America is also native to many fortune 500 companies and favorite brands that are used all around the world. Some include Target, General Mills, and 3M to name a few—which means it is home to hugely-popular brands like Post-its and Cheerios originated. Though, what remains to be a powerhouse industry within the state is agriculture and food production. Crops and livestock were among the first industries in Minnesota, as it has rich prairie soils, good growing season and plentiful water resources that have all contributed to its top ranking in food production. Minnesota remains to be overall, the 5^th in crop production, 5^th in total agricultural production, and 8^th in livestock production. To put Minnesota’s influence on agriculture more into perspective, for over 50 years starting back to the late 1800s Minneapolis was known as the “Flour Milling Capital of the World.”  As for today, agricultural production and processing in Minnesota alone account for $57.5 billion in sales and more than 147,000 jobs. Additionally, Minnesota ranks eighth in the number of farms—73,300—and 10^th in the number of USDA-certified organic farms. As we can see, Minnesota contributes tremendously to the business of agriculture and continues to be home to the nations largest food production companies.

Quick-jump to the following sections:

• Minnesota Term Loans
• Minnesota Secured Line of Credit
• Minnesota Unsecured Line of Credit
• Minnesota SBA Loans
• Minnesota Alternative Loans
• Minnesota Equipment Leasing
• Minnesota Asset Based Financing
• Minnesota Cash Advance

Individually, Minnesota ranks among the top 10 in more than 20 agricultural products. These include sugar beets, turkey, red kidney beans, oats, sweet corn, and soybeans that make up some of the lists. Thus, naturally, the business culture in Minnesota centers around the distribution of agricultural commodities and is home to some of the nations largest food production companies. Among them are Cargill, General Mills, Mosaic, Land O’Lakes, and Hormel Foods. Minnesota also manufactures the tools, equipment, and machinery used to create these products. The Midwest state additionally has many public and private food education and research facilities, primarily found at The University of Minnesota, where it continues to teach and lead in agricultural innovations.

Therefore, with the companies that were mentioned before we can see a trend in conglomerates that contribute to Minnesota’s economy—mostly ranging from agriculture to retail stores. One of the more popular and well-known businesses founded in Minnesota and known to the U.S. is Target. It is the second-largest discount store retailer in the United States, just behind Walmart and has steadily gained momentum since its opening. As of 2017, Target operates 1,834 discount stores throughout the United States, and it includes several different retail formats. With its recognizable bull’s eyes symbol and store color red, it is what consumers most identify with without even saying or seeing the Target name. Moreover, although it classifies as a discount store, it is usually defined as a superstore where you can conveniently buy everything you need in one place. Target continues to be one of Walmart’s biggest competitors today and one of Minnesota’s most successful companies.

On the other hand, we have the company known as Cargill that was founded in Minnetonka, Minnesota back in 1865. It is a global corporation that stands as the largest privately held corporation in the United States regarding revenue, and as a public company, it would rank as number 15 on the Fortune 500 just ahead of AT&T. Cargill services significant businesses with trading, purchasing, and distribution grain and other agricultural commodities stemming from palm oil, steel, and transport, and produce food ingredients such as starch and vegetable oils and fats. It continues to be a family-owned business, and its success is mainly due to reinvestment of the company’s earnings rather than public financing. Specifically, the company also is responsible for 25% of all the United States grain exports and supplies about 22% of the US domestic meat market. Cargill has and continues to contribute to the success of Minnesota’s business economy.

Our last honorable mention is another well-known brand that goes by General Mills. Located in the suburb of Golden Valley, Minnesota it was founded in 1865. The multinational American manufacturer and marketer of branded consumer foods found in retail stores is home to some of Americans favorite products. Some include Betty Crocker, Yoplait, Totino’s, Cheerios, Trix, Cocoa Puffs, and Lucky Charms. It does not stop there; General Mills has a portfolio of products that consist of more than 89 other leading brands in the U.S. and around the world. Thus when observing and looking at the history and current business environment of Minnesota, individuals interested in joining or working in the Midwestern state should take into consideration what has worked, why, and model after their successes.