We recently wrapped up our Small Business Lending Forums—three events focused on supporting small business growth in southwest Minnesota. The forums took place in Worthington, Hutchinson and Appleton, highlighting information and education about non-traditional lending and technical assistance for entrepreneurs and small businesses owners.
In total, nearly 150 bankers, lenders, economic development professionals and chamber executives attended the sessions to learn about partnering with non-traditional lenders and technical support partners.
“As a chamber executive, this was a really valuable program to gain greater awareness of the various options for small business funding at all stages, as well as technical assistance programs for entrepreneurs,” said Erica Volkir, Executive Director of the Pipestone Area Chamber of Commerce.
Building a thriving regional economy depends on strong partnerships at the local level. We hosted the events with Minnesota Business Finance Corporation, the Southwest Minnesota Small Business Development Center and the three Regional Development Organizations in southwest Minnesota (Region 8 Southwest Regional Development Commission, Region 6W Upper Minnesota Valley Regional Development Commission and Region 6E Mid-Minnesota Development Commission). Event partners shared information, resources and success stories. These success stories included businesses that are vital to keeping small towns vibrant, including a child care center, a bakery and event venue.
Working together is critical for success in advancing rural economic development. When a small business succeeds, our communities grow stronger.
Julie Dahlhoff, Vice President of Economic Development at Minnesota Business Finance Corporation
It takes teamwork to bolster economic growth in southwest Minnesota. When traditional lenders work together with non-traditional lenders and partners, there are more opportunities for creative solutions to access capital and financing commercial projects. Together, we are building a stronger southwest Minnesota.
“Collaborative financing sources and partners that provide technical support are a powerful way to help entrepreneurs, especially in rural areas. We are proud to be a partner in growing a vibrant economic landscape in southwest Minnesota” said Jackie Turner, Southwest Initiative Foundation (SWIF) Economic Development Officer.
Small Business Lending Forum Partners
- Minnesota Business Finance Corporation (MBFC) is a nonprofit corporation licensed and regulated by the U.S. Small Business Administration (SBA) as a certified development company. MBFC partners with financial institutions to provide owner-occupied fixed-asset financing for small businesses exclusively through the SBA 504 loan program.
- Regional Development Commissions (RDC) work to connect units of government, businesses and communities with services and resources to promote growth and respond to the changing needs at a local level. Each RDC functions differently and offers varying loan programs and levels of technical assistance based on their region. The Southwest Regional Development Commission serves the nine-county region of Cottonwood, Jackson, Lincoln, Lyon, Murray, Nobles, Pipestone, Redwood and Rock. Mid-Minnesota Development Commission serves the counties of Kandiyohi, McLeod, Meeker and Renville. The Upper Minnesota Valley Regional Development Commission serves the counties of Big Stone, Chippewa, Lac qui Parle, Swift and Yellow Medicine.
- The Southwest Minnesota Small Business Development Center helps businesses start, grow and succeed by providing technical assistance at no cost to the business owner. Services include business plan development, market research, raising capital, financial management, strategic planning and business succession. Small Business Development Centers are located nationwide and are resource partners of the U.S. Small Business Administration.
- Southwest Initiative Foundation offers support to entrepreneurs and business owners through our Business Finance and Microenterprise Loan programs as well as technical assistance. In partnership with banks and credit unions, economic development organizations, nonprofit lenders and private investors, we create and retain quality jobs and foster entrepreneurship in our communities. Our microloan program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture.
If you’re interested in learning more about our loan programs, contact Jackie Turner, Economic Development Officer at SWIF, at 320-583-2180 or [email protected].
