At Southern Minnesota Initiative Foundation (SMIF), we know that providing resources to entrepreneurs in our own backyard can help unlock the innovative ideas that make southern Minnesota’s business ecosystem so unique. One of the major ways that we have been able to do this is by investing directly in businesses through our financing opportunities.
In 2021, SMIF invested $1.4 million in businesses through our loan and equity funds. We could not have done this without many important partnerships. By collaborating with financial partners including banks, EDAs and cities, we were able to leverage an additional $2.2 million.
The following list of businesses that SMIF invested in last year offers a snapshot into the innovative nature of entrepreneurs in our 20-county region. From a brewery to an artisan cheesemaker and from a software company to a bioplastic manufacturer, these are the entrepreneurs that are building southern Minnesota’s future.
We were pleased to invest in the following startups and expansions in 2021:
Bamasota BBQ, New Prague
Mobile food truck specializing in slow-cooked authentic southern wood-smoked barbeque meats and sides with fresh ingredients.
Bennett Pharmaceuticals of America, Le Sueur
Manufacturing facility dedicated to providing safe and sterile pharmaceutical products. TCF National and City of Le Sueur were financing partners.
Blair Construction Cleaner LLC, Rochester
Full service commercial cleaning service for construction sites.
Clear Water Nitrate Reduction, Austin
Removes nitrates from agricultural runoff. Launch Minnesota and Red Wing Ignite were financing partners.
Fairmont Brewing Company, Fairmont
Brewery offering freshly brewed craft beer. First Farmers and Merchants Bank, Region Nine Development Commission and City of Fairmont were financing partners.
JJ’s Beauty Supply LLC, Mankato
Retail sale of hair and beauty products.
JockLab LLC, Red Wing
Sports technology and basketball training company. Launch Minnesota was a financing partner.
Jonny’s Smokin’ BBQ, Le Sueur
Mobile food truck specializing in smoked meats.
Manny Millwright LLC, Rochester
Construction company focused on building grain bins, grain towers, drying storage bins and other items for the agricultural sector.
Merge, Rochester
Mobile food truck featuring a seasonal brunch menu.
Murphey Oil LLC, Minnesota Lake
Food N Fuel convenience store. First National Bank of Waseca, Faribault County, Region Nine Development Commission and Minnesota Lake EDA were financing partners.
New Dawn Education Group, Owatonna
Nonprofit child care center focused on providing an environment for children to build relationships of mutual caring and respect.
Stoltz Cleaning Services, Waseca
Residential, business and commercial cleaning services.
The BeauTox Shop, Dundas
Aesthetics practice.
Trumbles 2.Oh!, Albert Lea
Restaurant, bar and bakery. ALEDA, Freeborn Mower Electric Coop and City of Albert Lea were financing partners.
Wigham Trucking LLC, Albert Lea
Freight shipping trucking company.
CannonBelles, Cannon Falls
Artisan cheese company offering unique flavors.
Curly Girlz Candy, Owatonna
Gourmet candy specializing in sugar-free and Keto-friendly options.
Custom Iron, Zumbrota
Metal products manufacturer ranging from spiral, curved or inclined stairs, custom railing and balusters and unique metal panels that are easy to install.
BioPlastic Solutions LLC, Ellendale
Bioplastic engineering and manufacturing of bio-based poly resins and products. MBT Bank, Steele Waseca Coop, Great River Electric and USDA were financing partners.
Busy Baby, Oronoco
Manufactures the Busy Baby Mat, a 100% food-grade silicone placemat that suctions to surfaces and has a patented tether system to allow attaching baby’s favorite toys to the mat.
River Bluff Technologies, Red Wing
Developer of Smart Agent software, a Customer Relationship Management suite of tools built for insurance agents and firms.
Squash Blossom Farm, Oronoco
Year-round bakery and seasonal event center dedicated to local food, art and music, located on an historic farmstead.
The Greensted LLC, Zumbrota
Urban farm-to-table grower specializing in microgreens.
Since SMIF’s first loan to ABA Water Systems in 1987, we have seen time and again how providing direct funding to entrepreneurs can make a difference to the long-term success of businesses in our region. Since that first loan, SMIF has invested a total of $34.3 million in 560 businesses in southern Minnesota, resulting in the creation of more than 5,000 jobs in the region.
If you are an entrepreneur looking for business financing, contact our lenders to learn more about our services: Diane Lewis, lending officer, at 507-214-7014 or dianel@smifoundation.org; Marcia Haley, lending director, at 507-214-7021 or marciah@smifoundation.org.
In addition to our lending services, SMIF invests in economic development initiatives through business trainings for entrepreneurs, grants for local initiatives, coaching for minority entrepreneurs and much more.
SMIF is an equal opportunity lender. These loans were funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
