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than 5,000 jobs. SMIF also serves more than 1,700 entrepreneurs annually through free training opportunities in addition to the organization’s lending services. “Beyond directly working with individual entrepreneurs, SMIF supports the business community as a whole by providing economic development and community vitality grants to communities that support a wide range of activities,” Penny says. “SMIF also supports many early childhood initiatives, in part, because we know
SMIF provided two loans to support Squash Blossom Farm, an Oronoco farm destination with wood fired pizza and music.
that investing in our youngest generation is a smart long-term investment in the future of our region by preparing them to be the workers, entrepreneurs and leaders of the future.” Among the SMIF programs that have impacted entrepreneurs are The Prosperity Initiative which supports minority entrepreneurs by pairing them with a business coach, the Rural Entrepreneurial Venture (REV) program which assists small towns with economic development planning, the FEAST! Local Foods Network which supports food and farming entrepreneurs, and a business competition which celebrates the best business ideas emanating from the Rochester region, including young entrepreneurs from nearby college campuses. “At the Southern Minnesota Initiative Foundation our motto is collaborating for regional vitality, and we do our best to live up to that commitment. In each area of our work – early childhood, entrepreneurship, and community vitality, we are mindful of partners in the state and region with whom we can collaborate to make a difference,” Penny says. “We view our role as a supplement and a compliment to what other organizations are doing to enhance our region. We see a bright future for southern Minnesota as exciting new businesses emerge and as more people choose rural for both a higher quality of life and a lower cost of living. SMIF is proud to be engaged with regional partners to create that bright future.”
Tim Penny, president and CEO of Southern Minnesota Initiative Foundation.
federal dollars) contracted with SMIF to distribute Small Business Relief Grants. SMIF dispersed over 2,000 grants totaling over $20 million dollars. In Olmsted County, 317 businesses received $3.3 million from these Small Business Relief Grants.” SMIF has issued 781 loans to 587 businesses in the twenty-county region, totaling more than $37 million in loan and equity investments. These financial investments have helped create more
| Advantage Magazine 8
March 2023
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