Small businesses in Goodhue, Rice and Le Seuer counties have been approved for loans through the Southern Minnesota Initiative Foundation. | Pixabay
Small businesses in Goodhue, Rice and Le Seuer counties have been approved for loans through the Southern Minnesota Initiative Foundation. | Pixabay
Forty-one businesses throughout 20 counties in Minnesota have been approved for loans from the Southern Minnesota Initiative Foundation (SMIF).
The loans, provided by the Minnesota Department of Employment and Economic Development's (DEED) Small Business Emergency Loan program will give $1 million to small businesses, according to Fillmore County Journal. Goodhue, Rice and Le Seuer counties are among the 20 approved for loans.
The loans are partially forgivable and will cover up to three months of businesses' operating costs. Restaurants, bars, salons and several other public accommodations are receiving loans ranging from $2,500 to $35,000.
“These loan funds from the State of Minnesota are critical for helping businesses through this challenging time,” Diane Lewis, lending officer at SMIF, told Fillmore County Journal. “We are proud to be a partner in this effort to support southern Minnesota businesses.”
More information on the loans can be found at www.smifoundation.org or by emailing Lewis at dianel@smifoundation.org.
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