Areas Served: Big Stone, Chippewa, Cottonwood, Jackson, Kandiyohi, Lac qui Parle, Lincoln, Lyon, McLeod, Meeker, Murray, Nobles, Pipestone, Redwood, Renville, Rock, Swift, and Yellow Medicine counties.
The Business Finance Program supports the development and growth of small businesses throughout southwest Minnesota.
For-profit businesses operating within the 18-county SWIF service area of Big Stone, Chippewa, Cottonwood, Jackson, Kandiyohi, Lac qui Parle, Lincoln, Lyon, McLeod, Meeker, Murray, Nobles, Pipestone, Redwood, Renville, Rock, Swift, and Yellow Medicine counties in Minnesota may be eligible for the Revolving Loan Program.
Eligible projects must create or retain jobs that provide a livable wage with benefits, generate new wealth for the region and diversify the economy of southwest Minnesota.
Applicants must have adequate collateral and cash flow to service the debt, and complement SWIF’s loan with lending from the private sector.
The loan may be subordinate only to the interest of the primary lender.
Loan funds may be used for machinery and equipment, inventory, working capital and real estate.
The maximum loan amount is $200,000 with up to $400,000 for projectsin the following asset sectors: renewable energy, food and agriculture, bioscience and manufacturing.
Loan term is based on the life of the assets.
Loan maturity will generally be five years but may have extended amortizations if guarranted by the financed assets.
Contact InformationSouthwest Iniitative Foundation
Address: 15 Third Ave., NW
City: Hutchinson
State: Minnesota
Website:
http://www.swifoundation.org/revolvingloanfund.html
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