Lynd business benefits from Southwest Initiative Foundation Microenterprise Loan Program
Vicente Hernandez recently received loan assistance from the Southwest Initiative Foundation’s (SWIF) Microenterprise Loan Program for the start up of the Lyndwood Tex-Mex Bar & Grill in Lynd. Vicente reopened the Bar and Lynd ballroom complex in October. In addition, he now offers a full restaurant menu, including appetizers, steaks, burgers and Mexican specialties including enchiladas, flautas, fajitas and chimichangas.
The Lyndwood will also feature Tex-Mex entertainment, providing a dance theme venue with live music and DJ entertainment. The Lyndwood Tex-Mex Bar & Grill will be celebrating its Grand Opening Feb. 11 and 12 with food and drink specials. Hours for the business are Wednesdays through Sundays, 4 p.m. to 1 a.m. Vicente can be reached at 507-865-4000 to inquire about upcoming entertainment, or to book events in the ballroom.
Hernandez has been employed most recently as a shift manager for five years at Logic, Inc., in Montevideo. He has always been interested in having a restaurant/entertainment venue, and worked as a cook for four years in a restaurant. Hernandez felt the opportunity was right when the Lyndwood came up for sale this year and decided to purchase the business.
“SWIF is pleased to assist Mr. Hernandez with opening the restaurant in Lynd, which has been a long-time asset to the community and surrounding area,” said SWIF Program Officer Kurt Thompson.
Together with primary financing from Klein Bank of Montevideo, proceeds from the SWIF loan will be used to purchase the equipment for the start up of the Lyndwood. SWIF’s Microenterprise Loan Program offers loans of up to $35,000 for starting or expanding for-profit small businesses located within the 18 counties of southwest Minnesota. This program also now serves Wright, Carver and southern Stearns counties.
In addition to financing, SWIF provides free technical assistance to all clients who have received a loan through the Microenterprise Program for the life of the loan. SWIF staff and business consultants provide one-to-one business planning, accounting, marketing and other training opportunities that will help entrepreneurs succeed in their venture. SWIF’s Microenterprise Loan Program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture.
The Southwest Initiative Foundation is a regional community foundation dedicated to advancing southwest Minnesota through leadership, relationship building, program development and philanthropy. The Foundation has contributed more than $53 million through its grant and loan programs in southwest Minnesota. It has also helped more than 510 businesses start or expand through its business finance programs, which have created or retained more than 7,900 jobs. The Southwest Initiative Foundation is an equal opportunity provider. To learn more, visit www.swifoundation.org.
