Southern Minnesota Initiative Foundation
Small Enterprise Loan Program (507-455-3215)
• Small loans are available for start up or expansion of businesses engaged in: Manufacturing, retail, service, childcare/eldercare. A small business with five employees or less, not including the owner; demonstrates a need for financing through a realistic business plan; projects sufficient income to repay the loan within an appropriate time frame; demonstrates good character and a strong commitment to a business plan; demonstrates an inability to obtain financing from a traditional lender; businesses located in 20-county service area. Business owners may use loan funds on the following: working capital, supplies, inventory and machinery/equipment. Loan size, up to $35,000.
Revolving Loan Program (507-455-3215)
• Makes working and expansion capital loans in partnership with local lending institutions, economic development organizations and government agencies to help "fill the gap" between available and needed capital. Must create or retain jobs that pay livable wages with benefits, must have adequate cash flow to service debt, must be able to secure loan with tangible collateral, must demonstrate a lack of available private financing, must contribute to the region's economic competitiveness, must be committed to the region and must be located in 20-county service area. The funds can be used for working capital, land and building acquisition, machinery/equipment, inventory and renovation. Loans will be considered up to $200,000, but cannot exceed 50 percent of the total project.
Step-Up Loan Program (507-455-3215)
• Makes loans to licensed day care providers, both home-based and childcare centers.
FIND Fund (507-455-3215)
• Is a source of equity capital for product development and technology improvement. Maximum of $25,000 per investment. Project funding requires a minimum of a one-to-one equity or cash match dollar for every dollar of FIND Fund investment. Business owners can use fund for prototype development and testing, marketing development, research and analysis, organizational development, product testing and analysis, new product tooling and fixtures, engineering drawings, working capital and patent opinions and filings.