Southern Minnesota Initiative Foundation Receives $6 Million Grant from The McKnight Foundation

Source: Southern Minnesota Initiative Foundation 02/16/2012

(Feb. 16, 2012) - The McKnight Foundation recently announced a five-year $6 million grant to Southern Minnesota Initiative Foundation (SMIF). According to The McKnight Foundation's President Kate Wolford, "SMIF's work in Southern Minnesota, spanning early childhood to biobusiness development is making important differences in individual lives and the life of the region. We are pleased to support your important work."
 
Over the past 25 years, McKnight has granted $44 million to SMIF. In turn, SMIF has financially supported over 450 businesses by investing $24 million dollars, while leveraging an additional $144 million dollars of financial support to these businesses. SMIF has also provided more than 3,105 grants totaling nearly $24 million, as well as building a foundation of assets totaling almost $32 million, including permanent endowment and business finance program capital.
 
After a two-day site visit to the SMIF region late in 2011, Neal Cuthbert, McKnight Vice President of Programs, said it was evident that SMIF has developed strong and successful relationships with many of its partners. He noted, "The focus of SMIF's work, and the excellent results that those efforts are having, were clear throughout the two days."
 
President/CEO Tim Penny explained SMIF's new five-year plan beginning in July that will roll out along with the grant. "This organization remains committed to investing in economic growth here in southern Minnesota," he said, noting that SMIF will focus on two key areas-early childhood and entrepreneur development. He added, "We believe that by investing in only these two areas, our efforts will yield greater and more sustainable results."
 
In continuing to build its own endowment, SMIF has worked to ensure a healthy financial future for itself as well as the region it supports. Of the $6 million grant, $1 million is in the form of a matching challenge grant.
 
Penny noted, "McKnight's challenge grant has historically provided a strong incentive for donors to invest in the region through our foundation. We hope that donors will continue to leverage their resources and respond favorably to the dollar-for-dollar match that this challenge grant provides."
 
To request a copy of the latest SMIF Fact Sheet with more information on the two key focus areas, contact Lindsay Bjorkquist at lindsayb@smifoundation.org or 507-455-3215.