Training leads to economic survival and success on Owatonna

The work of the Southern Minnesota Initiative Foundation (SMIF) is making a difference in our region’s economy.
Though the road to economic recovery is still arduous, many business owners throughout our region are finding new ways to maintain and even add to their workforce, with the help of SMIF and its partners.
Last year SMIF spent more than $2.7 million to help increase business success within the 20-county region.
A sizable portion of that total went to technical assistance and training’s because we know from experience it takes more than financing to beat the odds in sustaining a successful business.

For example, three local businesses - CAB Construction of Mankato, Metal Services of Blooming Prairie, and ProManufacturing of Albert Lea have high expectations to increase profits and markets through a new alliance called the Southern Minnesota Manufacturers Alliance (SMMA). This idea grew out of the Foundation’s convening of CEOs who address real business challenges and opportunities together. In monthly meetings called “CEO Peer Council” leaders openly share what works and what doesn’t. The Council was a major reason three competitors in the metal fabrication industry joined together in synergistic fashion this spring. Learn more about the SMMA by clicking on “Feature Story.”
The CEO Peer Council is part of SMIF’s High Potential Business Program (HiPo) - another avenue of technical assistance for local entrepreneurs. Through June, 14 clients were engaged in business assessment or taking action to improve their sustainability and profits. SMIF helped Dennis Heimerman of Metal Services to contract for management and technical help, and he has seen dramatic changes in his business: “Everything from our staff meeting effectiveness to marketing,” he said.
SMIF also provides training’s covering a variety of subjects including accounting, marketing and writing a business plan. Last year we sponsored 22 training’s attended by more than 200 entrepreneurs, some of which were in Spanish.
In order to meet the increased demand for training’s and one-on-one technical assistance, we recently hired Business Development Specialist Megan Allen Tsui. She can provide assistance to our Small Enterprise Loan Program clients and applicants on a range of topics from strategic planning to human resources. Together with our business team, Megan has scheduled a small business series which includes CoreFour business training courses. With partners like the Rural Enterprise Center, Small Business Development Commission or others, a business owner or entrepreneur in our region can sign up to get the training they need to be successful. You can reach Megan via email: megant@smifoundation.org or phone: (507) 455-3215, ext. 102.
If you would like to find out more about business training in your area, go to our website www.smifoundation.org and click on ‘Events’ for current listings.

Tim Penny is the president and CEO of the Southern Minnesota Initiative Foundation, which provides grants, loans, technical expertise and partnerships for the emerging workforce and new businesses, especially in the areas of bio-medical, bio-agriculture and alternative energy.

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