Areas Served: Blue Earth, Brown, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Houston, Le Sueur, Martin, Mower, Nicollet, Olmsted,
In partnership with local lenders, economic development organizations and government agencies, the Southern Minnesota Initiative Foundation uses this loan program to “fill the gap” between available and necessary financing for Minnesota businesses in Blue Earth, Brown, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Houston, Le Sueur, Martin, Mower, Nicollet, Olmsted, Rice, Sibley, Steele, Wabasha, Waseca, Watonwan, Winona Counties.
The Southern Minnesota Initiative Foundation prioritize businesses that innovate, particularly ventures that develop high-tech products and services.
Preference is given to biobusinesses and minority entrepreneurs.
Loans of up to $200,000 may be used for building acquisition, expansion, machinery/equipment, inventory or working capital; and may not exceed 50 percent of project coSt. The applicant must have demonstrated management skills, industry experience, financial aptitude, a sound business plan with financial projections, adequate cash flow, and collateral.
The ability of the business to create living wage jobs and to contribute to the region’s economic competitiveness is essential.
Contact InformationSouthern Minnesota Initiative Foundation
Address: 525 Florence Avenue
City: Owatonna
State: Minnesota
Website:
http://smifoundation.org/?q=entrepreneurs/loans
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