Designed to provide loans, education and technical assistance to entrepreneurs and those seeking self-employment opportunities.
The Southwest Initiative Foundation’s (SWIF) Microenterprise loan program helps entrepreneurs develop small businesses and self-employment opportunities in southwest Minnesota. This loan program provides customized support for entrepreneurs through ongoing technical assistance and training as needed for the length of the loan.
- QuickBooks and financial management training
- Business operations
- Understanding & working through applicable government rules & regulations
- Business marketing training
- Exclusive access to an on-line business resource portal with interactive tools, templates, videos and guides
Eligible businesses may be start-up or expansion projects including—but not limited to—manufacturing, service, retail and daycare. Loan funds may be used for start-up costs, equipment, inventory, furniture and fixtures, working capital and real estate.
- 7.5% fixed interest rate
- Up to 10 years for real estate and up to six years for equipment
- Maximum loan of $50,000
- All loans are collateralized with business or personal assets
- Borrower is responsible for loan filing and loan closing fees
- Program requires equity into project
- Program requires a personal guarantee from borrower
In addition to SWIF’s 18-county southwest Minnesota service area, the Microenterprise Loan Program also serves Benton, Carver, Sherburne, Stearns and Wright counties.
Contact the SWIF Microenterprise Loan Program at 800-594-9480, 320-587-4848 or email@example.com for more information.