As we settle into the summer here at the Southern Minnesota Initiative Foundation, we also wrap up our fiscal year. Looking back, we are proud of the recent investments we have made to enhance economic growth in our region — especially in light of the recession.

It’s worth noting that, despite the economic problems of the past year, our Town Meeting Initiatives (“TMIs”) have led to economic growth and prosperity in many parts of the region. Focused on specific subject areas, these TMIs bring a community’s members together to evaluate their assets, set goals and accomplish actual projects. The foundation provides facilitation, technical assistance, and up to $15,000 to support asset-based community development (ABCD) efforts.

Let me highlight two examples of our TMI success:

In Fairmont, our TMI led to an “ACE” (Academic Career Exploration) career fair which brought together area employers, workforce experts and counselors with an estimated 350 high school students.

In Rochester, our TMI allowed the city’s Diversity Council to educate and inform the community at all levels about the benefits and challenges of a diverse workforce.

The foundation’s Incentive Grant Program was also instrumental in addressing workforce needs. For example, in Austin, Riverland College’s successful “GO” (Golden Opportunities) project grew out of a SMIF grant. Project GO added employment counseling resources for job seekers aged 50-plus, and set up networking opportunities for volunteers in the community. As part of Project GO, a “baby boomer job fair” was held in March.

This past year, SMIF also focused on start-up businesses as the recession spawned more entrepreneurs and more self-employed people. Because southern Minnesota is uniquely poised to capture new biobusiness, we are especially proud of our work in this area. Examples include:

The foundation invested $25,000 from its Bio Seed Fund to Rushford Hypersonic, the region’s only nanotechnology company which has developed a super slick industrial coating process now being applied in manufacturing nationwide. The company has begun hiring a dozen additional employees, from Fillmore and surrounding counties.

Algaedyne Corp. of Preston received $25,000 from SMIF’s Bio Seed Fund to build a second prototype facility for conversion of micro algae to biofuel. This uniquely focused company shows great promise in renewable energy production through licensing algae growing processes.

The foundation provided another Bio Seed Fund loan of $25,000 to North Ridge Pines of Waseca to support its successful design and manufacture of WindFin — a patented turbine designed exclusively for wind energy production.

Also noteworthy: Southern Minnesota Initiative Foundation, in partnership with other renewable energy groups, has sponsored and staffed forums across the region on the topic of wind energy. Through its REDI program (Renewable Energy Development Initiative) the foundation has brought experts from across the state to offer tools and information to area landowners. Since May of 2008, forums have been held in Lake Crystal, Blooming Prairie, Claremont, Hayfield and St. Charles. Wind energy will add greatly to our regional prosperity.

These examples represent a snapshot of the kinds of investments that SMIF has made and will continue to make as together we create a stronger economy in southern Minnesota.

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