Minneapolis, MN, October 11, 2019 — Edina-based Minnesota Bank & Trust, a wholly-owned subsidiary of Heartland Financial USA, Inc. (“Heartland”) (NASDAQ: HTLF), is collaborating with WomenVenture to support the growth of their microlending program.
In a first of its kind transaction in the Twin Cities, Minnesota Bank & Trust will purchase loans from WomenVenture. The $500,000 will allow WomenVenture to make new loans to entrepreneurs ranging in size from $5,000 to $50,000 and continue to service their existing portfolio. Minnesota Bank & Trust benefits from the opportunity to support local businesses, contributing to an economically vibrant Twin Cities.
Ken Brooks, President of Minnesota Bank & Trust said, “WomenVenture is a longstanding and highly-respected organization. When we learned there was an opportunity to partner together, we jumped at the chance. We’re proud to support the work they’re doing to help women attain economic self-sufficiency through business ownership.”
Elaine Wyatt, CEO of WomenVenture said, “We’re thrilled to work with Minnesota Bank & Trust on this innovative initiative. This is a high-impact way to help WomenVenture meet the capital needs of our clients without adding debt to our balance sheet. As a result, we’re better positioned to serve women-owned businesses who need capital to launch and grow their companies.”
The partnership between Minnesota Bank & Trust and WomenVenture was made possible in part by the work of Revolve, a capacity building consulting firm that facilitates relationships between banks and community development financial institutions. This collaboration begins a new era in Twin Cities community development.
News MINNESOTA BANK & TRUST COMMITS $500,000 TO SUPPORT TWIN CITIES MICROLENDER WOMENVENTURE