Three banks join foundation’s business loan program

Hutchinson-based Southwest Initiative Foundation has expanded its bank partnership program with three additional regional banks to help small business owners and entrepreneurs access expansion or start-up financing.

New to Southwest’s micro-enterprise loans are Home State Bank, with branches in Willmar, Cosmos, Litchfield and Hutchinson; Minnwest Bank M.V., including Redwood Falls, Marshall, Belview, Morton and Danube; and North American State Bank of Willmar. Among the other regional banks participating in program is Citizen’s Bank & Trust, Hutchinson.

The foundation’s micro-enterprise loan program offers loans of up to $35,000 for the start-up or expansion of for-profit small businesses located within the 18 counties of southwest Minnesota.

Partnering banks inform small business owners and entrepreneurs about the foundation’s program. The application can be completed at the bank. Some applicants may be eligible for a lower interest rate by applying through a participating bank.

Loan customers benefit by receiving quality on-going technical assistance from SWIF — ranging from training in accounting and marketing to general business management — throughout the duration of the loan.

For more information, contact a participating bank or the Southwest Initiative Foundation at 1-800-594-9480 or log on to www.swifoundation.org.

(Terry Davis is a Hutchinson Leader staff writer. E-mail him at davis@hutchinsonleader.com.)