Economic Development Updates from SMIF
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Greetings!
Welcome to the summer issue of Southern Minnesota Initiative Foundation's (SMIF) Economic Development newsletter. In this edition, we highlight one of our Seed Fund recipients, our new Economic Impact Grant, an upcoming entrepreneurial conference and stories about our loan clients and other partners.
We couldn't do the work we do without partners like you who help spread the word about our economic development resources. Thank you for your support!
The SMIF Business Team
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Business Financing Highlight: Seed Fund
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SMIF's
Seed Fund
supports start-up stage businesses that need capital, business expertise, and networking opportunities. This fund helps companies perform research and analysis, patent opinions and filings, and product testing and analysis.
Busy Baby
in Oronoco recently received a Seed investment from SMIF to support the development of a playmat which keeps baby toys in place by tethering them to a food-grade silicone mat.
"The Seed Funding I received from SMIF came at a critical time that allowed me to cover Intellectual Property expenses, pay for my product molds to start production, and develop retail packaging. I worked hard to get to that point, and the help from SMIF allowed me to keep my forward momentum." -Beth Fynbo, Owner of Busy Baby (Oronoco)
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Seeking applications for SMIF's Economic Impact Grant
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Nonprofit, government
and
public organizations
are eligible to apply for this new grant.
Applicants are encouraged to consider submissions to support current or future business growth, access or expansion of resources to underrepresented populations, and/or grow the community’s ability to embrace and develop a grow-your-own community culture. This may include, but is not limited to, initiatives in the areas of tourism, the arts, food accessibility and business services.
Requests of up to
$20,000
will be considered. Contact Pam Bishop, Vice President of Economic Development, at 507-214-7013 or
pamb@smifoundation.org
with questions.
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Pleasant Grove Pizza Farm featured in MinnPost
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Pleasant Grove Pizza Farm
in Waseca has had a very busy summer. Hundreds of visitors travel to the farm to enjoy wood fired pizzas with unique names like Sweet Georgia Pie (a pizza topped with honey) while sitting picnic-style with friends and listening to live music. This summer they have been selling an average of 125 pizzas each week (and they are only open on Thursdays and Sundays!). Now you can also order their pizzas at
Half Pint Brewing
, another loan client that is just down the road from the farm.
In 2018, they used a Small Enterprise Loan from SMIF to buy a six-burner range for the kitchen and expand the oven room, allowing them to increase their production.
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BOOMCHICKAPOP featured in episode of NPR's How I Built This podcast
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Angie and Dan Bastian are the co-founders of
Angie's Artisan Treats
, based in Mankato. What started as a part time business selling kettle corn at the pre-season Vikings training camp has grown into the nationally-known
BOOMCHICKAPOP
enterprise which was
acquired for a reported $250 million in 2017.
The couple's inspiring story was recently featured on NPR's How I Built This podcast. SMIF is proud to have supported the expansion of their business through a loan in 2007.
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Red Wing Ignite wins $750 federal grant to support economic development initiatives
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Red Wing Ignite
is a nonprofit that connects entrepreneurs, investors and advisors through events, collaborative work spaces and programming. The only Minnesota organization to receive this federal grant, they will use it to expand their capacity to provide regional support for entrepreneurs and students.
Red Wing Ignite received a $20,000 Incentive Grant from SMIF in 2013 to help launch the organization, and an additional $20,000 Economic Development Grant in 2018 to pilot the "E1 Collaborative," a regional network which puts the entrepreneur first.
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Loan clients featured in area magazines
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Connecting Entrepreneurial Communities Conference
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September 5 - 6
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Waseca
Explore how to create an environment and a pathway that encourages entrepreneurship in your town or neighborhood. Hosted by University of Minnesota Extension.
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National Farm Viability Conference
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October 22 - 24
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Red Wing
This conference is focused on strengthening farm sustainability, building stronger and more resilient local food systems and supporting the long term profitability of farming and agri-entrepreneurs from start-ups to generational businesses.
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Southern Minnesota Equity Summit
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November 1
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Saint Peter
This summit will convene regional leaders as a catalyst for learning, networking, and innovation to promote welcoming and equitable communities. Featuring Lieutenant Governor Peggy Flanagan as keynote speaker.
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Meet the SMIF BusinessTeam!
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Pam Bishop
Vice President, Economic Development
507-214-7013
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Diane Lewis
Lending Officer
507-214-7014
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Marcia Haley
SBA Lending Director
507-214-7021
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John Katz
Business Specialist
507-214-7020
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Connie Lau
Lending Coordinator
507-214-7044
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Thank you to our many lending partners who work with us to support area businesses!
"As a banker, SMIF has been there to help us take deals right over the finish line so we can get things done and entrepreneurs are thriving because of it."
- Corey Mensink, Market President/Regional Team Lead, U.S. Bank and SMIF Board Chair
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Support Southern Minnesota's Future
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SMIF's
Love Where You Live
campaign will strengthen our region’s future. Won’t you join us in creating vibrant communities where more than 581,000 people call home?
Watch the video below to see how Angel Uribe (
Stages of Change Center
, Mankato) was impacted by SMIF's programming. "They were able to take me from average to awesome."
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Southern Minnesota Initiative Foundation | 507-455-3215 | www.smifoundation.org
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