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5 Expansion and Relocation there is a Midwest work eth- ration each month since is and maybe even a Min- idea gets a hearing by October 1995, not just somebody that nesota work ethic."says Jay The strong business cli- Novak, DTED commission. male is due largely to access has the ability, but by er. Minnesota ranks fourth of expansion capital. Min- People,who are conlpel_ in the United States in aver- nesota has more than 500 ing for That business," Novak says. "That's a age hours worked by full- banks, which is more per big advantage that en. time employees,and indus- capita than all but two other try productivity rates exceed states. Those banks rank srepreneurs have," he the national average by as among the best in the Unit- Says much as 27 percent,accord- ed States in profitability nd In 1994• the regional Y ing to statistics provided by stability. office of the U.S.Small Advantage Minnesota, a "The strong banking base BusinessAdminislration state-sponsored agency is one thing that we are ex- approved $59.6 million whose mission is to attract tremely lucky about,"says ns n Minnesota loans, the new businesses. TCF' ation's highest for the s Cooper. Minnesota second straight year, has a strong presence of banking powerhouses with `While stale-sponsored Finance and Norwest. First bank, and business financing pro_ infrastructure Firstar. "The banking crisis grams awarded nearly Minnesota has an excel- $22 million to more than emptied out some states,in- lent business climate for eluding Texas, and has be- d lio recipients. Inn, Minnesota's 24 Minnesota's 24 entrepreneurs, start-up p come a very big problem in venture capital firms companies, and small those states,particularly for disburse more than$500 businesses. Eighteen Min- entrepreneurs,"he says. nesota companies are on Each of Minnesota's 500 million each year.nc n- • lure capital financi ng works here because Minnesota venture firms have created some role- a° model successes," No- r vak says. In addition, many local govern- ntcnts,counlics, town- ships,and utilities pro- vide financial assistance• loan packaging.and do- vclopment lax credits to "4 expanding companies. ,ac ice;. `: In addition to a strong r banking infrastructure, *' Minnesota also boasts p qualily utilities and telecommunication sys- tems. Minnesota's tele- ;5 the Inc. 500 list of fastest- cities has a competitive c°nununicaliuus infra- growing U.S. companies, banking situation in which slrucdigi of switching,15 are on the Forbes the banks are not only will- rzed drgilal switching, 200 best small companies ing to lend to growing busi- advanced software ap- list. In addition, the state nesses but compete for that PltcalIons.and fiber-op- has been averaging about business. "Not every good .x Lnd, throughout facilities e 1.000 new firms register- idea for a startup or expan- extends throughout the ing for business incurpo- Sion gets funded, but ever state. Four national and Y three regional carriers ^7.