New business benefits from Microenterprise Loan Program
JUNE 29, 2010—Redline Manufacturing, owned and operated by Hutchinson-native Matt Cheney, recently received loan assistance from the Southwest Initiative Foundation’s (SWIF) Microenterprise Loan Program for the start up of a machining and manufacturing business in rural Litchfield. The business produces a wide variety of attachments to forklifts and skid loaders for the agri-business, agricultural and light construction industries.
Cheney has over nine years of management experience in the fabrication of products similar to what his business offers. He will focus on producing standard products including forks, safety platforms, self-leveling platforms and grapples but will also offer the ability to customize any product. Redline Manufacturing is located at 70127 330th St., between Litchfield and Kimball and can be reached at
320-398-7712.
“SWIF is very pleased to be able to assist with the start up of Redline Manufacturing,” said SWIF Program Officer Kurt Thompson. “Minnesota is known for manufacturing and it is a strong part of the state’s economic base. Redline has the potential to grow in its niche market.”
Proceeds from the loan were used to purchase equipment and inventory for the start up of the business. 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 that have a need for additional sources of funds. In addition, technical assistance is available from SWIF as needed for the length of the loan. The program receives funding assistance from the U.S. Small Business Administration, as well as from the 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 $50 million through its grant and loan programs in southwest Minnesota. It has also helped more than 480 businesses start or expand through its business finance programs, which have created or retained more than 7,600 jobs. The Southwest Initiative Foundation is an equal opportunity provider. To learn more, visit www.swifoundation.org.
