Southern Minnesota Initiative Foundation’s REV program will begin January 2024

FOR IMMEDIATE RELEASE

OWATONNA, Minn., September 26, 2023 – Southern Minnesota Initiative Foundation (SMIF) is pleased to announce that six communities have been selected for the Rural Entrepreneurial Ventures (REV) program which focuses on entrepreneurial supports and economic growth for towns of under 10,000 in its 20-county region. Each town will participate in the program for a three-year period, beginning in January 2024.

The REV program helps rural communities create more vibrant economies by finding and supporting local entrepreneurs – from business startups to existing businesses that want to grow. Each community will develop a leadership team and be matched with a coach to guide them through goal setting and action steps. They will also participate in cohort learning with other REV communities.

After a competitive application process, the following communities were selected for the 2024 – 2026 REV cohort:

  • Caledonia
  • Kasson
  • Plainview
  • Collectively the communities of Gibbon, Fairfax and Winthrop

REV launched in 2018 and currently supports eight active communities across the southern Minnesota region. A variety of approaches to economic growth have been implemented in these towns, including business succession programs and youth retention initiatives.

The REV model is based on the e2 Entrepreneurial Ecosystems framework which is hosted by NetWork Kansas. The framework has a proven track record of accelerating entrepreneurial activity in rural communities and has been tested by dozens of towns across the U.S.  

REV receives financial support from Compeer Financial which will enable the region to benefit from expanded funding resources, expertise and partnership. 

“Since the beginning of the REV program in 2018, we have seen the way it can shape a positive economic future for small towns,” said Pam Bishop, vice president of entrepreneurship at SMIF. “We are grateful that with the support of Compeer Financial, we are able to expand the resources offered to these communities.”

“Compeer Financial is proud to support the REV program and these six communities in their pursuit of long-term economic growth,” said John Monson, chief mission officer at Compeer Financial. “We believe that entrepreneurship is a driving force for rural development, and through our partnership with SMIF, we aim to empower these communities with the resources and expertise they need to thrive.”

For more information on SMIF’s Rural Entrepreneurship Venture Program, visit smifoundation.org/rev or contact Pam Bishop at pamb@smifoundation.org or 507-214-7013.

Pictured: Representatives from the Gibbon-Fairfax-Winthrop REV group with Pam Bishop and Tim Penny from SMIF (far left, standing) and John Monson from Compeer Financial (far right, standing) at the Entrepreneurial Bridge event in Albert Lea on September 26, 2023.

 

 

Media Contact:

 

Katie Godfrey Demmer

Communications Director

507-214-7022

katieg@smifoundation.org