April 2019
Economic Development Updates from SMIF
Southern Minnesota is a great place to start and grow a business. Every day we have the opportunity to work with partners to help entrepreneurs' dreams come true!

We are launching this quarterly newsletter to provide information on our financing resources, programs and events that support economic development in our 20-county area. With so many people actively enhancing our region’s vitality we hope you will enjoy reading about client stories, learning about our collaborations, noting programs and grants available as well as hearing about future events, announcements and deadlines.

We couldn't do the work we do without partners like you who help spread the word about our economic development resources.

If you have any questions please contact me at 507-214-7013 or pamb@smifoundation.org .
Pam Bishop
Vice President - Economic Development
Business Financing Highlight: Grow a Farmer Fund
The Grow a Farmer Fund is a revolving loan fund managed by SMIF that offers lower-interest loans of up to $15,000 to small scale, sustainable farmers in SMIF's 20-county region for inventory, supplies, working capital or machinery/equipment. This program is a partnership between SMIF, Renewing the Countryside and Slow Money Minnesota .

Loan clients include Hare & Tortoise Farm in Zumbro Falls, EJ Mushrooms in Kasota and Antonia Navarro, a poultry farmer in Faribault.

Learn more about SMIF's loan funds.
Meet Your SMIF Lending Team!
Thanks to our lending partners
At SMIF, our tagline is "collaborating for regional vitality" for a reason - we believe partnerships are essential to regional growth. Thank you to our many lending partners who work with us to support area businesses.

“Our bank enjoys working with SMIF because SMIF makes the financing partnership with traditional bank financing seamless as you have the ability to provide flexible financing options which allows our shared clients the ability to move forward on their goal of acquiring a business or starting a new business.”

- Robert Beadell, Community Bank (Mankato)

Read about SMIF's recent investments and the partners that helped make them possible.
New Prosperity Initiative Cohort Announced
The Prosperity Initiative promotes inclusive entrepreneurship and minority-owned business growth in southern Minnesota. Since 2016, 48 businesses have graduated from the program. The 2019 cohort includes 16 entrepreneurs from six different communities.

This program is a partnership between SMIF, Faribault Diversity Coalition , and Region Nine Development Commission .

Read about the new cohort.
Seeking applications for SMIF's Economic Development Grant
SMIF's Economic Development Grants are designed to support new asset-based, collaborative initiatives.

We are looking for new projects that provide education and technical support for new or existing entrepreneurs and businesses. Examples include business incubators, coworking spaces, one-on-one technical assistance, business skill training, and business outreach.

Pictured: The Winona Port Authority received an Economic Development Grant in 2018 to support a series of training sessions and resources for entrepreneurs at The Garage Cowork.

Now hiring! SMIF Program Advancement and Impact VISTA
The AmeriCorps VISTA position will build SMIF's  Prosperity Initiative  program capacity to develop, test, and implement a framework of business support for minority populations across SMIF's  20-county region .

VISTA member service will produce a robust 3-year program through development and implementation of conversations with key partners, development of volunteers and creating strategies for entrepreneurial success. One full-time position available.

JR's Barn featured in Connect Business Magazine
Loan Client,  JR's Barn  from Waldorf, received a Small Business Loan in 2017 for equipment and working capital. The 1912 barn is used for weddings and other celebrations and gatherings.

"Our intent is to bring joy and life to our community by offering a beautiful event farm for all ages.”

Upcoming Events
NEW Regional Sprout! events are just around the corner!

Sprout! events are a great opportunity to connect with others from the region, hear stories from people who have received grants, loans, or other programming, and to discover the many resources that we have to offer you and your community (and "sprout" new ideas!).

All events are an open house from 4:30-6:30 pm with a short program highlighting our partners at 5:15 p.m. This event is free and everyone is welcome, both new friends and old. Light hors d'oeuvres will be served. Join us at the date and location that works for you!
April 23 - Cannon Falls, Cannon River Winery
April 25 - Spring Valley, Four Daughters Vineyard & Winery
April 30 - Kasota, Chankaska Creek Ranch & Winery
May 2 - Fairmont, Red Rock Center for the Arts
Support Southern Minnesota's Future
Imagine vibrant communities where entrepreneurs launch and grow their businesses, children are prepared for their future and communities build the resources and networks needed to sustain their quality of life.

SMIF is embarking on a three-year  Love Where You Live campaign to strengthen our region’s future. Won’t you join us in creating vibrant communities where more than 581,000 people call home?
Southern Minnesota Initiative Foundation | 507-455-3215 | www.smifoundation.org