Seven Rochester businesses approved for SMIF funding
Seven Rochester businesses are benefiting from a portion of $1.2 million in loan and equity funds approved by Southern Minnesota Initiative Foundation in 2018.
The Rochester businesses, which are among 31 businesses receiving foundation support in a 20-county area, are:
• Geneticure, Inc., which performs genetic testing in order to direct pharmacotherapy, or the medical treatment by means of drugs. The investment from the foundation’s equity fund will be used to complete product trials and generate commercial traction for blood pressure regulation.
• GoRout, which develops on-field wearable display devices to increase communication between football players and coaches, eliminating the need for teams to huddle up and review scout cards. The latest equity fund investment will be used for growth of its marketing base and expansion.
• Little Thistle Brewing, which is using a foundation loan for working capital, property acquisition, equipment and building renovation of the new brewery with a taproom and beer garden.
• Marblehead Medical LLC, which develops next-generation flow-arrest access catheters to address unmet clinical needs in acute stroke care. The foundation;s equity fund investment supports technology development.
• Rochester Gymnastics Academy of Minnesota LLC, which is a new state-of-the-art USA Gymnastics training facility, serving children and young adults in Rochester and the surrounding communities. The foundation loan was used for gymnastics equipment.
• Sonex Health LLC, which develops minimally invasive surgical tools that allow clinicians to perform carpal tunnel release surgery under ultrasound guidance in a safe, cost-effective manner. SMIF’s equity investments have supported the development and marketing of these devices.
• Thaddeus Medical Systems, Inc., which is a diagnostic company created to explore emerging technology, new devices, methods and materials to help better diagnose conditions that may be missed by current methods. The investment from the foundation’s SEED Fund will be used for the development of a prototype for a device that regulates blood temperature after a blood draw.
In all, the seven Rochester businesses saw a total of $420,000 in foundation loans or investments last year.
SMIF provides a range of finance and management assistance services to start and grow businesses. More information on the foundation’s programs are available by calling Marcia Haley at 507-214-7021, email@example.com or Diane Lewis at 507-214-7014, firstname.lastname@example.org.