Southern Minnesota Initiative Foundation (SMIF) has available seed money for bio-business ventures and is now offering funds up to $25,000 in seed capital for bio-businesses through the newly created Bio-Seed Fund. These funds are designed to support start up and expanding bio-medical, bio-agriculture and renewable energy businesses.
The new Bio Seed Fund is intended for bio-businesses that need capital, business expertise and networking opportunities. Up to $25,000 is available for prototype development, product testing, working capital, patent opinions and filings, new product tools and fixtures, engineering drawings and market and organizational development.
According to Tim Penny, president of SMIF, “Bio-businesses have long been a staple for southern Minnesota economy, but new research and innovations are presenting even greater opportunities for bio-business growth in the years ahead.
“Bio-business growth is one of SMIF’s focus areas because our region is recognized as an opportune place for this type of business growth. Because bio-business jobs generally pay higher wages and provide additional spin off businesses, SMIF has invested additional resources through the Bio Seed Fund and incentive grants to accelerate this economic development opportunity.
For more details on the Bio Seed Fund or other bio-business resources, visit the SMIF website or contact Diane Lewis at 507 455 3215 or by email at dianel@smifoundation.org.
Click here to view full RFP.
Click here to download application.