We recently wrapped up the 10th Business Reinvention cohort with our partners redstar marketing un/academy! This program has been a game-changer for dozens of Southwest Initiative Foundation loan clients. It’s one part of the customized assistance our microloan clients receive to help them succeed as small business owners.
Business Reinvention brings together up to eight businesses for a unique, collaborative workshop experience. The team at redstar marketing un/academy guides passionate entrepreneurs through a hands-on process to assess the current business landscape and craft a fresh vision for the future.
As longtime partners of SWIF, redstar has been providing loan clients hands-on, collaborative coaching in effective marketing through a number of its programs. Launched in 2020, Business Reinvention was inspired by Startup Bootcamp and born out of a need for redstar to reinvent its own business model due to the challenges of COVID-19.
Building a stronger business community
Since its inception, Business Reinvention has empowered 54 businesses representing every type of industry, from manufacturing to hospitality. We’ve been fortunate to collaborate with several organizations to expand the program’s reach:
- Minnesota Department of Agriculture: The Rural Business Development Grant program allowed us to invite five businesses in addition to our loan clients that were able to participate in Business Reinvetion at no cost to them.
- Elevate Community Business Academy: SWIF funded the participation of one Elevate graduate. Elevate provides business education and coaching specifically tailored to underserved minority entrepreneurs. Kandiyohi County & City of Willmar Economic Development Commission offers the Elevate course at no cost to entrepreneurs in Kandiyohi County with funding from Southwest Initiative Foundation. The program’s goal is to create economic opportunity for all.
- Northwest Minnesota Foundation: Four businesses from the Northwest Minnesota Foundation (NWMF) have also benefited from the program. NWMF, like Southwest Initiative Foundation, is one of six regional foundations working to strengthen the communities and economies of Greater Minnesota.
Helping entrepreneurs overcome adversity
The program’s success hasn’t gone unnoticed. In 2022, Business Reinvention received the Mid-America Economic Development Council Award for Overcoming Adversity. This award recognizes the program as a best practice in helping businesses navigate the ongoing challenges stemming from COVID-19.
We’re incredibly proud of the impact Business Reinvention has had. It’s a testament to the power of collaboration and innovation. Loan programs have been a key function of SWIF since its inception to support communities and businesses throughout southwest Minnesota, and we look forward to helping many more businesses thrive in the years to come.
Our microloan program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture.
