A business boost

UMD Center for Economic Development helps minority business owners succeed

By Abigail Blonigen

Everdreamed of starting a business but did not know where to start? Especially in marginalized communities, starting a business requires the support, guidance and connections many do not have access to. Because of this, the University of Minnesota-Duluth Center for Economic Development (CED) is committed to helping small businesses grow and succeed.

The CED offers free, oneon-one consultations to entrepreneurs no matter where they are at in the process: developing a business plan, creating a budget, applying for loans or connecting to outside resources. In addition to their office in the Duluth Technology Village, the CED has locations in Virginia, Grand Rapids, International

Falls and Grand Marais with about 15 business consultants.

One of these consultants is Mary Lundeen, a Duluth native with 40 years of experience in banking and finance who recently received the Minority Small Business Champion Award, presented by the Small Business Administration. Nominees included consultants across Minnesota involved in advancing minority entrepreneurs and business owners.

“One thing kind of led to another and then suddenly I find — it wasn’t intentional — I just found that I’m spending more and more of my time with [minority groups] and I’m really enjoying it,” Lundeen said.

Though unintentional, the peak in the number of minorities seeking the CED’s services was not by chance. The increase has largely been due to community partnerships such as the Northland Foundation, Community Action Duluth and the Fond du Lac Reservation.

“We’re trying to increase awareness of our services and break down any barriers that they perceive are there,” Lundeen said.

Besides meeting one on one with her clients, Lundeen teaches a number of workshops, which is what began to strengthen her relationship with Fond du Lac. She said the connection has required her to do more research about the agricultural side of business as well as the Native culture, which has been a rewarding experience.

Born and raised in Duluth, Lundeen has always been active in the community. She attended both The College of St. Scholastica and UMD and started her career as a business banker at various banks and credit unions in the area. Whether it was helping with loans, plans, projections or financial statements, what Lundeen enjoyed most was working directly with community members.

When her two daughters were young, Lundeen switched gears and spent some time teaching children about banking and economics at local schools, and is now a Duluth Public Schools Endowment Fund Board Member. In addition, she serves on the Duluth and Hermantown Chambers and regularly volunteers with Grandma’s Marathon, United Way, and with local hospitals helping cancer patients get to their appointments.

“I’m a Boomer; we like to work a lot of hours,” joked Lundeen, who volunteers an additional five to 10 hours per week on top of her work schedule.

Lundeen takes pride in her two daughters, who are also invested in the community, both in the health care field. She was excited to share that she has recently become a grandmother.

“We’re always watching the granddaughter or the granddogs,” she said.

After raising two girls, Lundeen particularly enjoys working with women. In fact, she credits her current position to the former Professional Women’s Network, now the Empowered Women’s Network. During her time, the Network served to help women in business promote themselves, network and share employment opportunities. Ready for a change, Lundeen applied with the CED, and said it’s one of the best jobs she has ever had.

“It’s really working one on one with my clients and seeing them succeed,” said Lundeen on her favorite part about her job.

Because a “small business” is any business with under 500 employees, there is a great deal of diversity in Lundeen’s work, and every day looks different. Receiving the Minority Small Business Champion Award made her “just want to do more.”

Lundeen encourages anyone who has an interest in starting a business to reach out and use the CED’s services.

“People who start a business and don’t have help — 75 percent of them fail within five years, and the reverse is true if you get help,” she said.

More information on the UMD Center for Economic Development can be found at https://ced.d.umn.edu/. The Duluth office can be reached at (218) 726-7298. D