PRESS RELEASE
Promise Loan Program funding available through Southwest Initiative Foundation
Loans available to businesses, nonprofits and developers for economic development projects
HUTCHINSON, Minn. – Southwest Initiative Foundation (SWIF) has funding available for local economic development projects through the Minnesota Department of Employment and Economic Development’s (DEED) Promise Loan Program.
The Promise Loan Program makes loans to businesses, nonprofits and developers in communities that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification.
This program was created by the 2023 Minnesota legislature. SWIF, one of several partner organizations working with DEED across the state, will distribute loans in its region, which includes the 18 counties and two Native nations of southwest Minnesota.
Promise Loan funds are earmarked for the development, redevelopment, demolition, site preparation, predesign, design, engineering, repair, land acquisition, relocation, or renovation of real property or capital improvements. Eligible projects include but are not limited to construction of buildings, infrastructure, related site amenities, landscaping and street-scaping. Additional restrictions and guidelines apply, as defined by the State of Minnesota on its website at https://mn.gov/deed/business/financing-business/deed-programs/promise-loan/.
“This program offers a fantastic opportunity to secure funding for a variety of projects aimed at revitalizing our communities,” said SWIF President Scott Marquardt. “We are particularly interested in supporting projects led by developers who are women, veterans, or Black, Indigenous, and People of Color (BIPOC). We believe in fostering inclusive economic growth and empowering diverse voices in our region’s development.”
To discuss a project in southwest Minnesota or learn more about the program, contact SWIF Business Finance Director Amy Woitalewicz at [email protected] or (320) 583-9203.
About Southwest Initiative Foundation
Southwest Initiative Foundation (SWIF) is a nonprofit community foundation connecting people, investing in ideas and building communities to create a southwest Minnesota where all people thrive. Since its founding in 1986, SWIF has distributed more than $115 million through its grantmaking and business finance programs.
