Southwest Initiative Foundation (SWIF) has formed a new subsidiary called Southwest Minnesota Community Capital with the goal of achieving certification as a Community Development Financial Institution (CDFI). Pursuing CDFI certification marks a bold step forward in realizing our vision of a southwest Minnesota where all people thrive. This transformational initiative will deepen our impact and strengthen our role in advancing economic mobility for our region.
In alignment with our mission-driven lending practices, Southwest Minnesota Community Capital (SMCC) will provide affordable small business lending, financial services and development support to underserved communities across the region that lack access to traditional banking.
What’s next for SMCC?
Creating a new CDFI is a process that can take years of behind-the-scenes work. June 2024 marked the first board meeting for SMCC, which is currently a registered nonprofit but not yet a CDFI. The next step is certification, a formal recognition of CDFI status obtained through the U.S. Department of the Treasury. Certification will give SMCC access to federal funding and opportunities to expand its services.
“Becoming certified is not the finish line; in fact, it’s a milestone in the journey of reimagining and accelerating how we deploy capital and technical assistance to historically underserved populations,” said SWIF president Scott Marquardt.
Why a CDFI?
For decades, SWIF has served our region through community investment, grants, philanthropic support, leadership training, child care initiatives and financing resources for small businesses. Through this work, we have witnessed firsthand the barriers entrepreneurs face accessing capital, particularly those from underserved communities. The formation of a CDFI will help address those financing and opportunity gaps.
CDFIs are mission-driven lenders providing opportunities to small businesses and homeowners, primarily those who identify as Black, Indigenous, People of Color (BIPOC), immigrants, women, people with disabilities and live in rural communities, at far greater rates than the private sector.
As community-based and community-centered organizations, CDFIs provide innovative ways to build wealth and provide solutions to some of our state’s most pressing challenges, such as homeownership disparities, lack of child care options, healthcare inequities, and economic revitalization. There are over 40 CDFIs in Minnesota.
Learn more about Minnesota’s CDFIs
Announcing the SMCC Director
Briana Mumme will serve as Southwest Minnesota Community Capital Director, leading the certification, launch, and implementation process. Briana joined SWIF’s staff in 2024 and most recently served as economic development manager. Stepping into the director role is a natural extension of Briana’s experience in economic development and her passion for supporting entrepreneurs and community growth.
“This is an exciting time for SWIF, and I’m grateful to be part of an organization committed to expanding opportunity for all,” Briana said. “I’m energized by the momentum we’ve built and eager to keep moving forward with support from the SWIF team and industry leaders.”
As director, Briana will be tasked with overseeing strategic planning, resource development, partner coordination, operational design, financial modeling, governance, compliance, stakeholder engagement, branding, and community outreach.
