GARRETT LARSON, OWNER OF RONNINGS, IS SBA’S MINNESOTA YOUNG

ENTREPRENEUR OF THE YEAR

The U.S. Small Business Administration has named Garrett Larson,
owner of four Ronnings stores in greater Minnesota, the 2023 SBA Minnesota Young
Entrepreneur of the Year.
SBA’s Minnesota District will recognize Larson and all other 2023 state winners at an
invitation-only event in May as part of National Small Business Week. Larson also will
be celebrated at a local event at a later date, yet to be announced.
“Succeeding in small business at any age is an accomplishment to be recognized,” said
Brian McDonald, district director for the SBA in Minnesota. “It’s exciting to be able to
honor young entrepreneurs like Garrett and know they are thriving, thanks to some
extra help they have received from the SBA and our trusted resource partners.”
Larson owns and operates Ronnings stores in International Falls, Baudette, Roseau
and Thief River Falls; he is actively looking to add in a fifth store in either Park Rapids or
Detroit Lakes. Ronnings stores sell medium- to high-end brand name clothing,
outerwear, and footwear for all ages, as well as toys, home décor and gifts.
Larson is a next-generation Ronnings owner. His parents purchased the Ronnings store
in International Falls in 2001 and opened the Baudette store in 2003; Larson went on
his first buying trip with his father at age 12. After graduating college in 2016 with a
business administration degree, he began managing individual Ronnings stores full-time
and in 2017 led the opening of the Roseau store. In 2018, he transitioned to a
corporate-level position overseeing operations at all of the stores.
Working with Grant Oppegaard from the SBA and Northwest Small Business
Development Center (SBDC), Larson in 2020 purchased all of the Ronnings stock and

took over as owner/operator. Today, he remains passionate about retaining and
growing with career-minded employees and has introduced benefits such as a bonus
incentive program, health insurance, and a 401K with 6 percent company match on top
of increasing employee’s annual compensation.
He also credits the support of Kipp Raboin, a banker at Trustar Federal Credit Union,
through whom Larson received his first loan at age 16 for his first rental property.
Thirteen years later, Larson continues to do business with Trustar and Raboin, who is
now CEO.

National Small Business Week will be held from April 30 to May 6. Registration is now
open for the 2023 National Small Business Week Virtual Summit. The two-day online
event will take place May 2 to May 3. Attendance is free of charge, but registration is
required. To register, visit www.sba.gov/nsbw.

In addition, National Small Business Week recognitions and educational sessions will
occur throughout each of the SBA’s 10 regions and 68 district offices. Here in
Minnesota, the SBA will be honoring Small Business Week winners at an invitation-only
event for the winners, resource partners and guests.