Chant and Amy Singvongsa Purchase Jackson Laundromat with Loan Assistance from Southwest Initiative Foundation
Local Business Renamed Wishy Washy Laundromat, Benefits from Microenterprise Loan Program
Chant and Amy Singvongsa recently received loan assistance from the Southwest Initiative Foundation’s (SWIF) Microenterprise Loan Program for the purchase of the Jackson Laundromat from Dave and Ester Bargfrede, who owned the business for many years. The new owners renamed the business Wishy Washy Laundromat. It will offer full laundromat services with a number of new machines, a laundry drop-off service, and a pick-up and delivery service for wind project worksites.
Chant has been working in the business for the past several months in training to take over the business. The Wishy Washy Laundromat will be open daily from 7 a.m. to 9 p.m. Contact Chant or Amy Singvongsa with questions about their services at 507-847-4276.
“We are pleased to assist Chant and Amy with the purchase of the laundromat,” said SWIF Program Officer Kurt Thompson. “It will keep a vital community service business in operation.”
Proceeds from the loan will be used to purchase equipment and provide working capital for the start up of the laundromat. SWIF’s Microenterprise Loan Program offers loans of up to $35,000 for starting or expanding for-profit small businesses located within the 18 counties of southwest Minnesota that have a need for additional sources of funds. In addition, technical assistance is available from SWIF as needed for the length of the loan. The program receives funding assistance from the U.S. Small Business Administration, as well as from the U.S. Department of Agriculture.
The Southwest Initiative Foundation is a regional community foundation dedicated to advancing southwest Minnesota through leadership, relationship building, program development and philanthropy. The Foundation has contributed more than $53 million through its grant and loan programs in southwest Minnesota. It has also helped more than 510 businesses start or expand through its business finance programs, which have created or retained more than 7,900 jobs. The Southwest Initiative Foundation is an equal opportunity provider. To learn more, visit www.swifoundation.org.
Angela Stump Receives Loan Assistance from SWIF
New Litchfield business benefits from Microenterprise Loan Program
Angela Stump recently received loan assistance from the Southwest Initiative Foundation’s (SWIF) Microenterprise Loan Program for the start up of her designer inspired bags and accessories shop, VuSarri, in Litchfield. VuSarri roughly translated means “Seen Often” and exemplifies Stump’s vision for her business as a destination shopping experience that people will anticipate coming to for monthly sales.
The business is located inside the Green Hill Resale Shoppe at 959 E. Frontage Road on east Highway 12, and will be open three days each month. The next sale will be December 9 ‐11, with hours from 10 a.m. to 6 p.m. There will also be a special date added for Christmas shopping Saturday, Dec. 18.
VuSarri will feature handbags, laptop bags, diaper bags, specialty luggage, jewelry, scarves, sunglasses, and shabby chic furniture. Angela will also be doing trunk shows in various locations and selling online at www.vusarri.com . Monthly sale hours will be announced in advance through the local newspapers, e‐mail newsletters, Facebook and occasional signs around town. Sign up for email invitations at grnhill@hutchtel.net or vusarri@gmail.com. Stump can be reached at (320) 535‐7212.
“Angela did a fine job of planning and marketing for her business, which will attract area shoppers to the community,” said SWIF Microenterprise Program Coordinator.
Proceeds from the loan were used to purchase inventory, and provide working capital for the start up of the business. SWIF’s Microenterprise Loan Program offers loans of up to $35,000 for starting or expanding for‐profit small businesses located within the 18 counties of southwest Minnesota. This program also now serves Wright, Carver and southern Stearns counties.
In addition to financing, SWIF provides free technical assistance to all clients who have received a loan through the Microenterprise Program for the life of the loan. SWIF staff and business consultants provide one‐to‐one business planning, accounting, marketing and other training opportunities that will help entrepreneurs succeed in their venture. SWIF’s Microenterprise Loan Program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture.
Town N Country Appliance Receives Loan Assistance from Southwest Initiative Foundation
Windom business benefits from Microenterprise Loan Program
Brent and Megan Bramstedt, owners of Town N Country Appliance in Windom, MN, recently received loan assistance from the Southwest Initiative Foundation’s (SWIF) Microenterprise Loan Program for the expanding needs of their appliance and electronics store. Town N Country Appliance has been in business in the community for over 50 years and the Bramstedts have been successfully operating the store since 2007. The business is located at 205 9th St.
Town N Country offers a full line of LG, Whirlpool, Amana and Speed Queen household appliances, as well as Toshiba and Mitsubishi televisions and electronics, HeatNGlo fireplaces and DIRECTV. The also offer full service repairs. Regular store hours are Mondays, 8 a.m. to 8 p.m.; Tuesdays through Fridays 8 a.m. to 5:30 p.m.; and Saturdays 8 a.m. to noon. More information is available online at www.townncountryappliance.com and weekly specials are offered on the Town N Country Appliance Inc Facebook page. Brent or Megan can be reached at 507-831-3938.
“Brent and Megan have done a fine job with their appliance and electronics sales and service business, providing a business asset to the community of Windom,” said SWIF Program Officer Kurt Thompson. “SWIF is happy to be of service to the this business.”
SWIF’s Microenterprise Loan Program offers loans of up to $35,000 for starting or expanding for-profit small businesses located within the 18 counties of southwest Minnesota. This program also now serves Wright, Carver and southern Stearns counties.
In addition to financing, SWIF provides free technical assistance to all clients who have received a loan through the Microenterprise Program for the life of the loan. SWIF staff and business consultants provide one-to-one business planning, accounting, marketing and other training opportunities that will help entrepreneurs succeed in their venture.
SWIF’s Microenterprise Loan Program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture.
The Trajectory of an Entrepreneur, Statistically Speaking
In a down economy, who could possibly be willing to start up a business? The answer may surprise you.
Perhaps it is people that have experienced a layoff, and despite hard work just can’t find another position that meets their needs. Or maybe they have a little money set aside, strong skills developed through years of work experience and they see an opportunity before them now to branch out on their own.
Contrary to common thinking, just as many businesses are started during recessionary times as during good economic times (statistics taken from a recent study by the Federal Reserve Midwest region). Long-term viability of businesses are also similar, from either starting point. Starting a business during a recession if the project idea is right may be just what is needed to help renew the local economy!
Out of curiosity, we looked to our own SWIF microloan program statistics to analyze the numbers of unemployed that received loans from us since July 1, 2009. Here’s what we found:
- Since that date, SWIF has made 30 microloans (small loans under $35,000).
- Nine of those loans were to people that had lost their jobs during the recession (almost 30 percent).
- Historically, 60 percent of our microloan portfolio has been comprised of women but since the recession started our portfolio has become an even split between men and women.
As the recession has moved through most industries, it is clear that the market has made many decisions for people while at the same time opened up new opportunities.
Passion, experience and capacity are still the most important factors that are needed to make a new business venture successful for the long haul. The opportunity comes when people are forced to look at their career and realize that things will most definitely change over time. Owning your own business is clearly not for everyone. But, if the opportunity is right and you have the skills and capacity this could be the time to take the plunge.
Berny Berger is the Southwest Initiative Foundation’s Microenterprise Program Coordinator. She started SWIF’s microloan Program in 2001 and has been active in both state and national organizations focused on building entrepreneurship in rural areas.
photo credit: Banalities
Sweet Dreams Come True
It was exactly one week before Christmas, and it was a beautiful Minnesota winter day. I just pulled into the small community of Grove City which lies on the northern border of our region. On this particular day I was on an odyssey of sorts; I was busy trying to wrap up all my unfinished business with some clients while also picking up some last minute gifts for some of our program partners. I had reached my next stop…Sweet Promotions!
As I walked in the door I quickly noticed a long line of boxes neatly stacked down the middle of the floor – boxes of freshly made, hand-crafted candies waiting for UPS to pick up before the end of the day. I looked up and noticed Bob back in the kitchen – he motioned me back. Bob is one of those guys…a happy, jolly fellow with an infectious personality who must have a thousand friends – it seems he is always happy to see me. “Come on back”, he said with a big grin on his face, “you came at just the right time; I’ve got a job for you”!
He handed me the big wooden spoon… “Here, you’ve done this before, take care of this while we talk”! I started stirring while Bob stood there, hands on his hips ready to give me my next lesson on life! You see, Bob is what I call an Encore Entrepreneur, a seasoned gentleman who left his original career in Radio (he owned his own station) to follow his passion. He’s no ordinary guy, he’s got a gift to gab, he’s a terrific sales person and he has a passion for really good food. In fact, he is such a good salesman, that you might say he could sell Lutefisk in July! An amazing combination to be sure; you might even say he has the right recipe…a healthy dose of experience, toss in some passion, combined with his gift of sales and you’ve got something pretty special.
We’ve recently kicked off a new program called Encore Entrepreneurship, an opportunity especially designed for those seasoned adults who want to follow their passion during their next phase of life…an encore of sorts. Throughout our region we’ve found that older adults have wisdom, conviction and a lifetime of experiences and skills that they have developed over time; an amazing combination…and one that we feel in many cases has a great opportunity for success. You too could be our next Encore Entrepreneur and join Bob on his journey by following your passion.
Kurt Thompson is a Program Officer at the Southwest Initiative Foundation where he leads the Microloan and Entrepreneurship Programs. He also serves as business coach and mentor to small businesses by offering one-on-one technical assistance to loan clients.
photo credit: The Written Geek™
