Since April, I have had the privilege of serving as the new president of Southern Minnesota Initiative Foundation, an organization that has been a major change agent within our region since 1986.
I have a great deal of respect for the foundation’s history and its profound impact on our communities and local economy. Through the years, we have supported over 500 businesses with loans and technical assistance totaling over $19.5 million and securing over 6,300 jobs. We have also invested over $18 million to assist local communities and organizations through grants, training, and asset-based community development initiatives.
In the future, SMIF’s key interests will emphasize early childhood programs, workforce readiness, and economic development with a focus on emerging bioscience and renewable energy businesses. We believe these are the areas that will have the greatest impact on future growth in our region.
In early childhood education, for example, Minneapolis Federal Reserve’s Art Rolnick calculates a 12 percent (after inflation) return on investment for every dollar spent. The savings are found in better ongoing educational achievement, fewer social problems, less juvenile delinquency, reduced teen pregnancies and smaller welfare rolls.
Naturally, our region’s economy will benefit if we wisely invest in early childhood today. Accordingly, our foundation has engaged over 30 communities in assessing and enhancing early childhood programming — including grants for specific projects.
We have enthusiastically dedicated dozens of our AmeriCorps members to expand reading programs among our youngest children. We are providing books and Young Explorer Learning Centers to benefit hundreds of young children and their families thanks to partnerships with Coughlan Publishing and IMB Corp.
In all of these ways — and more — our foundation is investing in tomorrow’s workforce today.
We will also be increasing our investment in projects and programs that help prepare today’s emerging workforce. To guarantee a workforce that is well prepared for the region’s needs, we will soon strengthen our partnerships with area businesses and educational institutions while offering grants for projects in the following categories:
• Engaged elders
• New immigrants
• Non-college-bound high-schoolers
Finally, our organization has long supported Southern Minnesota businesses that innovate, particularly those who use this region’s resources to develop high-tech products. Our region is home to Mayo Medical Systems, Hormel Research Institute, University of Minnesota’s Southern Research and Outreach Center, and the Agriculture Utilization and Research Institute.
Going forward, we intend to make targeted investments that accelerate the creation of new businesses that grow from the research assets that are located here. In particular, our future focus for loans and technical expertise will be concentrated on the following:
• Biobusiness (medicine, renewable energy and agriculture)
• High-potential, high-return ventures
• Minority-owned business (primarily through the micro-enterprise loan dollars that we administer for the SBA)
As we all know, rural areas do not have unlimited resources. That makes it even more important that efforts to create a brighter, bolder future for our region involve collaborative leadership.
From the business sector, to local government, to educational institutions, to community organizations and nonprofits, we need to draw on all the expertise and resources that can be brought to the table.
The Southern Minnesota Initiative Foundation has spent 21 years proving the value that can grow from collaborative efforts. As SMIF’s new president, I look forward to working alongside local community and business leaders.
Our foundation’s vision statement is as follows: “Southern Minnesota will be a prosperous and growing region with vibrant communities, innovative and successful businesses, and a skilled and valued workforce.”
Together we can make that happen!