The community serves as a shopping center in a widely diversified farming area. Glenwood has three community financial institutions: Glenwood State Bank, Eagle Bank, and the Central Minnesota Credit Union.

The Glenwood Development Corporation promotes new business development in the community and many new plants and businesses have located in Glenwood with the assistance of the Glenwood Development Corporation. To contact the Glenwood Development Corporation, please call Gene Wenstrom: (320) 979-1845.