Tim Penny, Guest Column

In the aftermath of the recent elections, one theme continues to echo loudly — we need jobs! Southern Minnesota Initiative Foundation, for the past 24 years, has invested millions of dollars to create and maintain jobs in our 20-county region.

Just recently we received a $75,000 grant from Bank of America to shore up our micro loan resources so that we can increase the number of micro loans available to local businesses. This grant is also an example of how SMIF continues to leverage local resources with those from outside our region to provide capital to help our small businesses succeed.

It’s an interesting phenomenon that despite today’s turbulent economy, we continue to hear from people who want to start or expand their small business.

For example, Kevin Christianson from Blooming Prairie needed our help to expand his small manufacturing business in Blooming Prairie. H2O on the Go makes Smooth Moves Seat Mounts, which according to Christianson, is the key to pain-free fishing. He said SMIF’s loan is helping them step up their production and marketing and anticipates they will be hiring more people soon.

We know that helping businesses like H2O on the Go stimulates job creation and is critical to the region — and the nation’s — economic recovery. In total last year, SMIF awarded $284,000 in small loans to 11 entrepreneurs across the 20-county region through our micro loan program, funded through a partnership with the Small Business Administration. In fact, more than 100 micro businesses received funding totaling more than $2 million over the past 10 years, creating at least 200 jobs.

We continue to see increased financing needs in our communities, and we believe that new micro loan dollars, along with the other leveraged resources from our partners, will support the growth of our local economy.

In addition to loans, our small business programs provide assistance to qualified clients who are in need of technical business support. To date, the Foundation has provided an estimated 10,000 hours of support in technical assistance to clients. We also have 15 retired business executives — part of the SCORE program — who are available to provide small business counseling.

Let us know if you or someone you know wants to start or expand a small business. You can reach me by phone 507-455-3215 or e-mail timp@smifoundation.org or contact Marcia Haley, our business lending coordinator, at marciah@smifoundation.org. We also invite you to visit our website www.smifoundation.org for more information about our resources and partnership opportunities.

Tim Penny is the president and CEO of the Southern Minnesota Initiative Foundation.