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Loans Awarded in 2004
The
following list includes loans awarded through the Southwest
Minnesota Foundation's (SWMF) Revolving Loan Fund, the Technology
Development Fund, and the USDA Intermediary Re-Lending Program.
A total of 7 loans were awarded through these programs, totaling
$491,536.
The
Foundation has expanded its partnership with Prairieland Economic
Development Corporation to assist in administering the SWMF's
loan programs, with the exception of the Micro Enterprise
Loan Program. Prairieland works with loan clients and/or
bankers in the development of applications, review and analysis,
closings and servicing.
The SWMF Loan Programs provide "gap financing" to eligible
businesses. This financing supplements the dollars provided
by financial institutions and investors and strengthens financial
packages. Financing is intended to compliment, not compete,
with traditional financing sources. The SWMF will not participate
in a project that can be solely financed through traditional
sources. The SWMF actively solicits and promotes partnerships
with financial institutions in all projects.
| Recipient, Type of Business |
City |
County |
| Mark
and Aleta Bierma, dba Cornerstone Dental LLC (2 loans)
Purchased exisiting
dental office/renovated/added new state-of-the-art dental
equipment
|
Luverne |
Rock |
Rosalind
and Henry Ewald, dba Cosmos Assisted Living Plus, Inc.
(2 loans)
Renovated and
purchased former Cosmos Nursing Home;
re-opened as assisted living facility
|
Cosmos |
Meeker |
| Grand
Apartments in Olivia
Renovated a historial
building in Olivia, to include apartments & commercial
space
|
Olivia |
Renville |
Custom
Roto-Molding, Inc.
Purchased rotational
molding equipment to expand their
manufacturing of kayaks. |
Benson |
Swift |
Darwin
Outpost, Inc.
Litchfield gas
and convenience store
|
Litchfield |
Meeker |
7
Loans Totaling $491,536
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