By Tim Penny
President & CEO
Southern Minnesota
Initiative Foundation
One of the things I have enjoyed most about my 18-year tenure as president and CEO of Southern Minnesota Initiative Foundation (SMIF) is visiting with entrepreneurs when I travel across our region. At SMIF we support talented entrepreneurs with early-stage investments, loans, technical assistance, mentoring, networks, events and more. From starting a business to finding support through a peer network, SMIF offers step-by-step support for the innovators that drive economic development in their communities.
Each business is unique and requires specific support. SMIF offers a range of services and financial options to empower new and growing businesses: Business Loans target key industries, including manufacturing, technology, local foods, agriculture and health care; Building Block Loans support family child care businesses; the Emerging Entrepreneur Loan Program supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities; the Grow a Farmer Fund provides small-scale sustainable farmers lower-interest loans; and Small Enterprise Loans support small business owners or start-up entrepreneurs with service, retail, local foods, and manufacturing businesses. SMIF also offers the Southern Minnesota Equity Fund which provides financial capital and expertise to early stage and start-up companies. For more information, visit our website or contact Marcia Haley, SMIF’s lending director, at marciah@smifoundation.org or 507-214-7021.
With the support of networks and trainings, SMIF fosters innovation and encouragement for entrepreneurs. One of SMIF’s programs is Rural Entrepreneurial Venture (REV), a proven entrepreneurial development program designed to advance small town economies through a targeted business approach. REV provides coaching, resources and connections throughout the visioning and implementation process as each community explores what economic development means for their town. Another coaching opportunity through SMIF is the Prosperity Initiative (PI). PI promotes inclusive entrepreneurship and business growth in a 20-county region of southern Minnesota, supporting entrepreneurs from racial or ethnic minority groups and/or who identify as women, veterans, persons with a disability, people with income below the federal poverty threshold and/or LGBTQIA+ persons. For more information, contact Peggy Paul, SMIF’s entrepreneurship director, at peggyp@smifoundation.org or 507-214-7010.
Supporting local foods entrepreneurs is also at the heart of SMIF’s economic development mission. One of the ways we do this is by supporting the upcoming FEAST! Local Foods Tradeshow which connects local vendors directly with buyers, connecting their products to a larger pipeline at grocery stores and other large operations. Some of the businesses attending this event include CannonBelles Cheese (Cannon Falls), Hidden Stream Farm (Elgin), Loons Nest Coffee (Houston) and The Meatery MN (Mankato). Check out who else will be participating here. By buying locally, we put more money back into the area and retain producers that care about their communities.
SMIF also aims to support entrepreneurs across a variety of industries. Entrepreneurs bring new ideas and advancements to our region. For years, SMIF has sought to springboard the visions of entrepreneurs through pitch events. SMIF is now proud to partner with IgniteMN to host the Ignite Cup Pitch Event, where entrepreneurs showcase their innovative ideas to a panel of experts. Winners are awarded a semi-finalist seat at the MN Cup, cash prizes and resources to take their business to new heights. The Ignite Cup will take place on March 27. Registration to attend the pitch event closes on March 21. Join us to witness the innovations of this year’s finalists!
An idea backed by skill and innovation can become the next shop popping up in your downtown. I encourage you to reach out. It is our mission and honor to empower the entrepreneurs in our region.
As always, I welcome your comments and questions. You can reach me at timp@smifoundation.org or 507-455-3215.
About Tim Penny
Tim Penny is the president & CEO of Southern Minnesota Initiative Foundation. Tim represented Minnesota’s First Congressional District in the U.S. House of Representatives from 1982 – 1994.
About Southern Minnesota Initiative Foundation
Southern Minnesota Initiative Foundation (SMIF), a donor-supported foundation, invests for economic growth in south central and southeastern Minnesota, serving a region that includes 20 counties, 175 communities and one Native nation. The Foundation has provided more than $170 million in grants, loans and programming within the region during the past 39 years. SMIF’s key interests include entrepreneurship, Early Childhood development and community vitality. To learn more about our work and mission, visit www.smifoundation.org.
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