Albert Lea Economic Development Agency

What Albert Lea Economic Development Agency does

ALEDA is the consolidated economic development agency for Albert Lea and Freeborn County, Minnesota, formed in September 2003 by combining the Albert Lea Port Authority (a political subdivision of the State of Minnesota established in 1987) with Greater Jobs Inc. (a private nonprofit originating as Jobs Inc. in 1944). Its predecessors claim the first community-owned industrial park in the United States, built in the early 1950s. The agency operates from 132 North Broadway in downtown Albert Lea (shared with the Chamber of Commerce since October 2019) and from the Albert Lea Business Development Center (ALBDC) at 2610 Y.H. Hanson Avenue, which functions as a business incubator offering 500–5,500 sq. ft. of office and warehouse space alongside co-working (The Outlet). Programs include the Albert Lea Entrepreneur Advancement Program (ALEAP) with five pillars (Tiger Cage pitch competition, ALEAP U training, monthly Evening networking events, ALBDC access, micro-lending); SCORE/SBDC mentorship; the Business Plan Recognition Program offering $10,000–$40,000 low-interest loans through partner institutions; a Child Care Loan Program providing forgivable up-to-$2,000 loans for newly licensed providers; Greater Jobs Inc. tiered business memberships ($125–$2,500+ annual); revolving loan funds totaling over $1 million (70%+ deployed); and direct development assistance including TIF, tax abatement, and site selection for incoming employers.

Revenue mechanics combine four streams: recurring membership dues from Greater Jobs Inc., managed-services funding (grants, rentals, loan income) flowing through the Port Authority, transaction-fee-style interest from the revolving loan fund, and recurring rental income from incubator tenants such as Crescent Electric, Crossfit Innerdrive, Granny's Legacy Patterns, La Borinqua, and Bold North Innovations. The customer base spans large industrial users (Mrs. Gerry's 214,500 sq. ft. food manufacturing, Minnesota Corrugated Box, Design Ready Controls, Vortex Cold Storage's 170,000 sq. ft. facility), small businesses receiving loans (Albert Lea Tree Service, The Thirsty Fox, The Outlet, Southern Minnesota Battery), entrepreneurs entering ALEAP, and workforce participants accessing Minnesota Workforce Center partnerships.

Strategy is community-led, not sales-led: ALEDA acts as the institutional mechanism that aligns Freeborn County, the City of Albert Lea, and the private sector around shared economic development outcomes — job creation, tax-base enhancement, business retention and expansion, and entrepreneurial support. Strategic positioning leverages the I-35/I-90 interchange and five industrial parks as the primary recruiting asset for capital-intensive projects, demonstrated by the $30M Vortex Cold Storage recruitment (2021–2022). Staffing remains small (Executive Director Phillip Johnson, Assistant Executive Director Noelle Hagen/Viktora, plus Jillayne Raetz), and the agency relies heavily on a board of directors split between the Port Authority (Rich Murray, President) and ALBDC (Daniel Otten, President), along with partner organizations for execution capacity.

Name

Albert Lea Economic Development Agency

Legal name

Albert Lea Economic Development Agency

Website

https://growalbertlea.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

ALEDA is a quasi-governmental nonprofit economic development agency serving Albert Lea and Freeborn County, Minnesota, providing business attraction, retention, entrepreneurial support, revolving loans, incubator space, and workforce development programs to local businesses and startups through public-private partnerships.

Ownership category

akta.pro rank

Headquarters

HQ city

Albert Lea

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Infrastructure

Revenue model

1. Membership Fees: Greater Jobs Inc. membership program with tiered annual fees ranging from $125 to $2,500+, providing business networking and support services.
2. Port Authority Funding: Funded by grant income, rental and loan income. The Port Authority has power to use TIF, purchase tax-forfeited property, ability to levy tax, and is eligible to receive grants.
3. Revolving Loan Interest: ALEDA provides low-interest loans to local businesses through revolving loan funds, generating interest income while supporting economic development.
4. Rental Income: ALBDC business incubator generates rental income from tenant businesses including office and warehouse space at 2610 Y.H. Hanson Avenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Albert Lea Economic Development Agency (ALEDA) is a quasi-governmental nonprofit economic development organization that provides site selection assistance, business attraction and retention services, and small business/entrepreneur support programs. It operates programs including the Albert Lea Entrepreneur Advancement Program (ALEAP), the Albert Lea Business Development Center (ALBDC) business incubator, SBDC/SCORE mentorship, the Greater Jobs Inc. tiered membership program, the Child Care Loan Program, and revolving loan funds for business financing.

Product overview

The Albert Lea Economic Development Agency (ALEDA) operates as a multi-component economic development organization consisting of two agencies: the Albert Lea Port Authority (established 1987) and Greater Jobs Inc. (established 1943). The agency provides a comprehensive suite of programs including the Albert Lea Entrepreneur Advancement Program (ALEAP) which offers Tiger Cage competitions, educational training, networking events, and micro-lending; the Albert Lea Business Development Center (ALBDC) business incubator with flexible workspace and co-working options; SBDC/SCORE business mentorship services; Greater Jobs Inc. membership program with tiered business membership levels; and the Child Care Loan Program for new childcare providers. The organization also facilitates development assistance, property resources, and workforce development support for businesses in Freeborn County.

Differentiator

Problem solved

Functional benefit

Brands

• ALEAP (Albert Lea Entrepreneur Advancement Program): An entrepreneurial ecosystem with Five Pillars: The Tiger Cage (venture capital event), ALEAP U (educational training), Evening with ALEAP (networking), ALBDC (business incubator), and Micro-lending. Created to encourage growth of entrepreneurs and small business owners in Freeborn County.
• ALBDC (Albert Lea Business Development Center)

Products and services

• Albert Lea Entrepreneur Advancement Program (ALEAP) A multi-faceted entrepreneur support ecosystem offering Tiger Cage venture capital competitions, ALEAP U educational training, Evening with ALEAP monthly networking events, ALBDC business incubator access, and micro-lending gap financing for startups and small businesses in Freeborn County.
• Albert Lea Business Development Center (ALBDC) A business incubator at 2610 Y.H. Hanson Avenue offering entrepreneurs quality office and flexible workspace ranging from 500 sq. ft. to 5,500 sq. ft., free business services, professional resources, and access to startup support networks. Includes The Outlet co-working space and conference room facilities.
• Greater Jobs Inc. Membership Program A business membership program with tiered options ranging from Friends ($125+) to VIP Member ($2,500+) that supports economic development in Albert Lea and Freeborn County and provides networking and member benefits.
• SBDC/SCORE Business Mentorship

Quantifiable outcome

• 9 new businesses and 23 new jobs created through ALEAP program since 2015
• +4 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core and supporting.

• JCW Development, LLCcoreStrategic or Co-development Partner · 21 January 2021Nation-wide real estate and property development company that selected Albert Lea for Vortex Cold Storage, LLC facility. Groundbreaking Spring 2021, grand opening June 2022. $30 million project.
• Riverland Community CollegecoreStrategic or Co-development PartnerEducational partnership providing training and workforce development services. Riverland's Training & Development division serves more than 400 companies annually with over 5,000 employees trained. Partnership on ALEAP educational programs and Freeborn County Scholarship program for high school students.
• South Central Minnesota SCORE Chapter #710coreStrategic or Co-development PartnerNational nonprofit providing free and confidential business counseling tailored to small business needs. Volunteers offer mentorship through the ALBDC business incubator.
• Small Business Development Center (SBDC)coreStrategic or Co-development PartnerSBDC services provided through partnership with Rochester Community and Technical College, State of Minnesota, and U.S. Small Business Administration. Services include business information, assessment, business planning, financial analysis, loan packaging, and marketing assistance.
• Freeborn Mower Electric CooperativecoreStrategic or Co-development PartnerUtility partner providing electrical energy services for over 84 years. Partnered on Vortex Cold Storage project and supported Albert Lea Tree Service loan through Freeborn Mower Electric Cooperative involvement.
• Albert Lea-Freeborn County Chamber of CommercecoreStrategic or Co-development PartnerJoint office location at 132 N Broadway downtown. Collaboration on Shop Albert Lea Small Business Saturday campaign, AL Rebuild Challenge, and business support initiatives.
• Mayo Clinic Health SystemssupportingStrategic or Co-development PartnerPartner in the Business Plan Recognition Program providing low-interest loans to businesses that meet business plan criteria. Albert Lea Medical Center provides healthcare services in the community.
• City of Albert LeacoreStrategic or Co-development PartnerGovernment partner creating Port Authority in 1987 and collaborating on economic development initiatives. Partnered on COVID-19 relief grants ($450,000 initial fund) and Vortex Cold Storage incentives including tax increment financing and tax abatement.
• Freeborn CountycoreStrategic or Co-development PartnerGovernment partner on COVID-19 relief grants (initial $450,000 fund combined with city and ALEDA). County population 30,515 as of 2022 Census. Collaborates on economic development strategic planning.
• Freeborn County Child Care CommitteesupportingStrategic or Co-development PartnerCommittee meets monthly to address childcare needs of parents, providers, and employers. Applied for Southern Minnesota Initiative Foundation grant that created the Child Care Loan Program.
• Express Personnel ServicessupportingStrategic or Co-development PartnerEmployment resource partner at 1410 West Main, Albert Lea, providing staffing services as part of the workforce development ecosystem.
• Manpower ServicessupportingStrategic or Co-development PartnerStaffing services partner at Northbridge Mall providing employment resources as part of the workforce support network.
• Kauffman FoundationsupportingOthersListed as entrepreneurship resource partner on ALEDA website.

Scale indicators14 records

Recent moves10 records

Expansion highlights5 records

Regional players

• Austin Port Authority: Municipal port authority for Austin, MN, located ~20 miles from Albert Lea. Provides industrial development, TIF, and business attraction services in a similar rural south-central Minnesota context. Closest geographic comparable with directly analogous Port Authority structure to ALEDA's.
• Rochester Area Economic Development Inc. (RAEDI): Economic development agency serving the Rochester, MN region. Provides business development, retention, and attraction services comparable to ALEDA. Mayo Clinic adjacency creates overlap with ALEDA's Mayo Clinic Health Systems partnership.
• Greater Mankato Growth, Inc. Regional economic development organization serving the greater Mankato/North Mankato area in south-central Minnesota. Operates a comparable portfolio of business attraction, retention, and workforce development programs with similar mission and structure to ALEDA, but serves a larger and more urban market.
• Worthington Regional Economic Development Corporation: Regional economic development organization in southwestern Minnesota serving Worthington and surrounding counties. Comparable in scope to ALEDA, providing business attraction, retention, and workforce programs for a small rural community.
• Faribault Area Chamber of Commerce and Tourism: Combined chamber/EDA serving Faribault, MN in Rice County. Comparable to ALEDA in scale and rural Minnesota setting, providing business support, attraction, and community development programs.
• Owatonna Economic Development Authority: EDA serving Owatonna, MN in Steele County, a similar small Minnesota city. Operates industrial parks and provides development incentives, directly comparable to ALEDA's industrial park and incentive portfolio.
• Winona Community Development Authority: Municipal CDA serving Winona, MN. Provides economic development, housing, and community development programs in a small Minnesota city. Comparable organizational structure, public-private funding mix, and rural-southern-Minnesota operating context to ALEDA.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/ALEAPteam
• Xx.com/aleap_team
• LinkedInlinkedin.com/company/albert-lea-economic-development-agency---aleda

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Albert Lea Economic Development Agency