Southern Minnesota Initiative Foundation Provides Loan to Pexa Farms
Posted on 07/01/2015
LONSDALE, Minn., July 1, 2015 – Southern Minnesota Initiative Foundation (SMIF) recently approved funding from its Small Enterprise Loan Fund to Pexa Farms LLC in Lonsdale to expand their operations. Pexa Farms specializes in freight trucking; they primarily haul grain, powdered dairy protein, and dirt for road construction.
SMIF’s loan will enable Pexa Farms to purchase two new trucks and hire two new truck drivers, putting them at five trucks total. Pexa Farms owner Jesse Pexa puts in about 60-70 hours a week. “It’s a tough job, and there are certainly risks in being a small business owner,” said Pexa, “However, it’s great having SMIF as a partner. They understand the work we put in and their loan supports our vision of expanding.”
According to the American Trucking Association, about 67 percent of all US freight is transported by trucks. Due to high rates of truck driver turnover and a growing economy, trucking companies like Pexa Farms are having to step up to meet the increased demand.
SMIF realizes the benefits of investing in small businesses like Pexa Farms. “Entrepreneurs like Jesse see the market opportunities and are proactive in finding solutions,” said SMIF President Tim Penny. “In turn, they help bring jobs and resources to our communities.”
For more information, visit the Pexa Farms Facebook page or call (952) 564-0820.
SMIF provides a range of finance and management assistance services to start and grow businesses. To learn more, contact Marcia Haley at 507-455-3215 or email@example.com, or visit www.smifoundation.org. SMIF is an equal opportunity lender. This loan was funded in part through a Cooperative Agreement with the U.S. Small Business Administration.