Our microloans help entrepreneurs develop small businesses and self-employment opportunities. The program provides customized support for entrepreneurs through ongoing technical assistance and training as needed for the length of the loan.
Eligible businesses may be start-up or expansion projects including—but not limited to—manufacturing, service, retail and daycare.
Applicants must have a credit history demonstrating a reasonable assurance of loan repayment, a feasible business plan and a project that does not directly compete with existing trade-area businesses, or proof that there is room in the market.
Loan funds may be used for start-up costs, equipment, inventory, furnishings and fixtures, working capital and real estate. Loans will be collateralized with personal or business assets.
The maximum loan amount is $50,000. Loan term is up to 10 years for real estate and up to six years for equipment, with a 7.5 percent interest base rate.
In addition to SWIF’s 18-county southwest Minnesota region, this program also serves Benton, Carver, Sherburne, Stearns and Wright counties.
- Entrepreneur Educational Opportunities
SWIF offers a Starting a Business Class on the 3rd Wednesday of each month from 9:00 am to noon in Hutchinson.To register contact Greg at 320-587-4848.
You can also watch our “Starting a Business” webcast on our CORE website.
Microenterprise Loan Program
For More Information:
E-mail Jackie Turner-Lovsness
- African Development Center
- Minnesota Center of Rural Entrepreneurship (CORE)
- Latino Economic Development Center
- Lincoln County Enterprise Development Corporation
- Minnesota Rural Partners
- SCORE (Service Corp of Retired Executives)
- Southwest Minnesota State University Small Business Development Center
- U.S. Department of Agriculture
- U.S. Small Business Administration
- View Additional Resources