SMIF helps Southeast Minnesota Capital Fund Reach Funding Milestone
FOR IMMEDIATE RELEASE
ROCHESTER, Minn., September 25, 2017– The Southern Minnesota Initiative Foundation (SMIF) is the latest group to invest in the Southeast Minnesota Capital Fund, raising commitments to the fund to $1 million. The fund, created by Rochester Area Economic Development, Inc. (RAEDI), and spearheaded by Journey to Growth (J2G), is funded by a group of angel investors who will help support the growing number of startup companies in the medical and technology fields who have the potential to deliver significant returns. While not geographically limited, the primary investment focus of the fund will be the southeast Minnesota region.
“It is an honor to announce that SMIF has joined the investors in the Southeast Minnesota Capital Fund. We are also thrilled that their investment is putting the fund over the $1 million mark,” said Xavier Frigola of RAEDI and Secretary/Treasurer of the Fund.
SMIF, through their existing seed and equity funds, has been a partner to numerous southeast Minnesota-based companies. By investing in the Southeast Minnesota Capital Fund, SMIF will now be able to expand their impact on the region and the fund will have access to SMIF’s expertise and opportunity pipeline.
“SMIF has long seen the need for additional equity dollars to help new businesses start and grow here in our region and that is why we created our own equity fund a couple years ago. We are pleased to now contribute to the Southeast Minnesota Capital Fund and look forward to future opportunities to partner on equity investments,” said Tim Penny, President and CEO of SMIF.
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About Journey To Growth (J2G)
The Journey To Growth Partnership is a 501c3. J2G is a comprehensive five-year strategy coordinated by Rochester Area Economic Development, Inc. (RAEDI) and the Rochester Area Chamber of Commerce to effectively grow and diversify the economy of the southeast region consisting of the following counties without borders: Dodge, Fillmore, Freeborn, Goodhue, Houston, Mower, Olmsted, Steele, Wabasha and Winona. For more information on the Journey To Growth Partnership visit www.j2gmn.com and J2G Facebook.
About Rochester Area Economic Development, Inc. (www.raedi.com)
Incorporated in 1985 and headquartered in downtown Rochester, Minnesota, Rochester Area Economic Development, Inc., (RAEDI) works to encourage local business expansion and new business locations in the Rochester area. RAEDI’s primary goal is to attract, retain and assist the growth and expansion of base business within the Rochester region. Some of the services provided include financial packaging, business planning, site/location support and business/community advocacy. The 504 Corporation was incorporated under RAEDI in 1990 to provide better access to the U.S. Small Business Administration’s (SBA’s) 504 Loan Program. For more information on RAEDI and 504 Corporation visit www.raedi.com , LinkedIn , Facebook , Twitter and www.504corporation.com
About Southern Minnesota Initiative Foundation
Southern Minnesota Initiative Foundation (SMIF), a donor-supported foundation, invests for economic growth in the 20 counties of south central and southeastern Minnesota. The Foundation has provided more than $106 million in grants, loans and programming within the region during the past 31 years. SMIF's key interests include early childhood, community and economic development. To learn more about our work and mission, visit www.smifoundation.org.
Heather D. Holmes, RAEDI VP of Marketing
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