Do you have a dream of starting your own business in southwest Minnesota? Or maybe you’re looking to expand an existing one? Our microloan program can help!
We provide business loans and technical assistance to entrepreneurs like you, so you can turn your vision into reality. Whether you need equipment, inventory, working capital or real estate, we have flexible funding to fit your needs. Entrepreneurs in our 18-county region plus the counties of Benton, Carver, Sherburne, Stearns and Wright can apply for a business loan through our microloan program.
Microloan Terms
- Maximum loan amount is $50,000.
- All loans are collateralized with business or personal assets.
- Borrowers will be responsible for all loan fees, including a one percent origination fee on loans of $10,000 or more.
Technical Assistance
You’ll get customized support for the life of your loan, which can include:
- Accounting software training
- Business operations and marketing training
- Understanding and working through government regulations
Child Care Loans
Our microloan team works with First Children’s Finance to offer the Bright Beginnings program, helping licensed home and center-based child care providers in southwest Minnesota access both funding and expert guidance. This program provides flexible loans to cover your needs, from start-up costs to expansion plans. Plus, you’ll receive ongoing support and advice from our team of specialists throughout the loan period.
Eligibility and Use of Funds
- Start-up or expansion expenses
- Code requirements
- Repairs, renovations or upgrades
- Educational toys and materials
- Playground equipment
- Curriculum
- Licensing
How to Apply for a Loan
If you’re interested in applying to our loan programs, contact us to get started:
Selina Berning
320-583-0162
[email protected]
Our microloan program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture.
Free Customized Business Resources, Online Anytime
Not sure if you’re ready for a loan? You can still access business resources anytime for free with Initiate Prosperity: Powered By Southwest Initiative Foundation. Get 24/7 access to virtual content on topics including business start-up, money, marketing and management with an account. Initiate Prosperity is available to anyone in southwest Minnesota.
