On December 22, Governor Mark Dayton and Lt. Governor Tina Smith announced that 23 nonprofit lenders will be awarded a combined $2 million in loan funds to connect with small businesses across Minnesota.
We have been awarded $100,000 which will be used to make loans ranging from $5,000 to $150,000 to small businesses when combined with SWIF’s existing loan funds, all which will be approved by the Minnesota Department of Employment and Economic Development (DEED).
SWIF was chosen based on criteria including our background, business operations and our experience working with new and diverse entrepreneurs.
The new statewide program aims to help increase economic opportunities for businesses owned by minorities, women, veterans, low-income individuals, and/or persons with disabilities.
This program will enable SWIF to help more business ideas turn into a reality, like the Happy Family Asian Grocery in Willmar (pictured above).
Our inspiring loan clients and entrepreneurs show us the amazing things that can be done when you invest in your community.