| NEWS RELEASE
March 26, 2003
For more information contact:
Carol Cerney, Vice President Fund Development & Outreach
carolc@smifoundation.org
(507) 455-3215, ext. 119
SOUTHERN MINNESOTA INITIATIVE FOUNDATION HELPS SOFTWARE BUSINESS
OPEN OFFICE IN RED WING
OWATONNA, Minn. (March 26, 2003)—Financial Marketing Solutions,
Inc. (FMS), based in Eagan, Minn., is expanding their operation into Red
Wing thanks in part to financial support from Southern Minnesota Initiative
Foundation. The Foundation recently approved a business loan guaranty
to owner Robert Schmaltz, Eagan, in partnership with Lake Elmo Bank and
the Red Wing Port Authority.
The business loan will help FMS open a customer service center in May
in the St. James Hotel to provide service and training support to its
software clients. FMS sells software to financial institutions, credit
unions, accounting firms, and financial planners. They plan to hire nine
employees over the next year including customer service and management
level positions to staff the service center.
According to Schmaltz, “The success of the financing of our Red
Wing expansion is due to the support and funding efforts of Southern Minnesota
Initiative Foundation and the Red Wing Port Authority. They provided the
capital we needed to fund the technology and staffing growth to take our
organization to the next level.”
The Foundation’s economic development initiatives support business
investments and management assistance that help strengthen businesses
for growth and expansion. “We’re pleased to help Financial
Marketing Solutions expand their business and help create new job opportunities
for people in Red Wing and Goodhue County,” said Patrick Stallman,
The Foundation’s business development director.
Since 1986, in Goodhue County alone, The Foundation has invested more
than $1.5 million, including $1.1 million in business loans and $415,000
in organizational support. Some of the local businesses supported by The
Foundation include Stewart Fishing Company, Red Wing; Bill's Bay Marina,
Inc., Red Wing; Red Wing Stoneware; and Hygienic Services Systems, Inc.,
Red Wing.
About Southern Minnesota Initiative Foundation
Southern Minnesota Initiative Foundation, a donor-supported public foundation,
helps create opportunities for people to engage in their community's economic
and civic life by providing grants, business loans and technical assistance
programs in the 20-county region. Working with community and business
partners, The Foundation has provided over $24 million in grants and loans
within the region during the past 16. In addition, The Foundation has
leveraged well over $80 million to help support local youth, business
and community development efforts.
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