Loan Funds

Since inception, part of SMIF's mission has been to catalyze entrepreneurial activity within our region. We strengthen economic development by supporting local business owners and entrepreneurs through financial investments and technical assistance. We offer a range of services and financial options to empower new and growing business owners.

Sollid Yoga is a yoga studio in the heart of Owatonna which offers slow flow, vinyasa, barre, sculpting, restorative, gentle and yin yoga; all focusing on breath and movement. Katie used SMIF’s Small Enterprise Loan for equipment, inventory, supplies and working capital to open this state-of-the-art studio.

Business Loan Fund

Our Business Loans target six key industries:  bioscience, renewable energy, food/agriculture, manufacturing, technology, and healthcare. Our Business Loan Program works in partnership with local lending institutions, economic development organizations, and government agencies to help “fill the gap” between available and necessary financial resources. Contact Diane Lewis at 507-214-7014 for more information.

Learn More | Application

Building Blocks Loan Fund

Our Building Blocks Loans support the business of family child care by providing financial resources and technical assistance to help expand or enhance licensed child care businesses. Loan dollars can go towards provider licensure; repairs, renovations, or upgrades to the child care space; educational materials; playground equipment; and curriculum. All Building Blocks Loan recipients are eligible for free technical assistance. Contact Marcia Haley at 507-214-7021 for more information.

Learn More | Application | Operating Budget Worksheet

Grow a Farmer Fund

The Grow a Farmer Fund provides small-scale sustainable farmers lower-interest loans to help them improve their operations and increase their bottom lines. 

Learn More | Application | Personal Budget | Cashflow Template

Local Foods Loan Fund

Our Local Foods Loans support the start-up or expansion of businesses engaged in locally or regionally produced agricultural food products. Loan dollars can be used to purchase inventory, supplies, machinery/equipment, or used for working capital. Local foods producers will have the opportunity to receive mentoring and assistance through the FEAST Local Foods Finance Advisory Network, in addition to SMIF's technical assistance. Contact Marcia Haley at 507-214-7021 for more information.

Learn More | Application

Small Enterprise Loan Fund

Small businesses are the anchor of our economy. For the past 10 years, SMIF has provided micro loans through a partnership with the Small Business Administration (SBA). These loans support small business owners or start-up entrepreneurs who create service, retail, local foods, and manufacturing businesses.  Even though these businesses are very small individually, they create the fabric necessary for community vitality. All Small Enterprise Loan recipients are eligible to receive free technical assistance. Additional funds are available through the Huisman Family Fund for those living in Faribault County and the surrounding counties. Contact Marcia Haley at 507-214-7021 for more information.

Learn More | Application

Farmhouse Market owner in New Prague offers the store members 24/7 access to local, organic food options by adopting an innovative model similar to all-access fitness centers.

Loan Client Spotlights: Bluff Country Co-op, Parkway Market and Coffeehouse, Collage Saint James, Chabelita's Yummy Foods and Fruits

Learn about our Equity Funds!

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