OWATONNA – Southern Minnesota Initiative Foundation (SMIF) recently approved a business loan to Southern Minnesota Drilling, Inc. (SMD), based in Owatonna, to expand their directional drilling business, which focuses primarily on drilling underground conduits for fiber optics cables.
SMD Owner and President Landon Olesiak first approached SMIF for a loan in 2010 to purchase machinery and equipment for the newly launched business. Given the demand for underground drilling services with the number of fiber optics cables being laid across the Midwest, as well as Olesiak’s ability to deliver quality work, he quickly paid off that loan and was in a position to expand the business. SMIF’s second loan will help Olesiak add six new staff and keep pace with new project demands.
“A lot of these rural drilling projects are on a very large scale. I have received so many requests, I’ve had to turn down a lot of work,” said Olesiak. “While it’s nice to be selective, this loan from SMIF will help me grow my business and build new client relationships.”
“We are always excited to see a start-up business return for an expansion loan,” said Tim Penny, SMIF President and CEO. “SMD is leveraging SMIF’s investment to create quality jobs and grow our region’s economy.”
SMIF provides a range of finance and management assistance services to start and grow businesses. To learn more, call Marcia Haley at 507-455-3215 or firstname.lastname@example.org, 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.