SMIF Loans

The Southern Minnesota Initiative Foundation recently received a $50,000 allocation from the Minnesota Department of Employment and Economic Development through the State's new Emerging Entrepreneurs Loan Program . 

The money will be used to provide loans to businesses owned by minorities, women, veterans, persons with disabilities and/or low-income individuals in the foundation's 20-county region.  The foundation was one of 23 nonprofit organizations receiving an allocation from DEED. A total of $2 million was awarded throughout the state, which is part of the State's $35 million investment plan to help reduce economic and racial disparities throughout Minnesota. 

The Emerging Entrepreneurs Loan Program is one more way that the foundation is able to help people who typically couldn't get bank financing, according to President and CEO Tim Penny.... 

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