BUSINESS FINANCE PROGRAM

The Business Finance Program provides flexible financing to new or existing businesses in the seven counties of northeastern Minnesota, as well as Superior/Douglas County, Wisconsin, with the goal of helping retain or create high-quality jobs and support economic vitality.

Aerostich

Andy Goldfine and Kim Brody cut costs and came to the Northland Foundation for a loan to weather the economic downturn and retain the employees they value so highly.

Aerostich, Duluth

Andy Goldfine and Kim Brody cut costs and came to the Northland Foundation for a loan to weather the economic downturn and retain the employees they value so highly.
Aerostich, Duluth

At Aero Design & Manufacturing, passion rules – passion for motorcycling, passion for innovation, and passion for high-tech protective gear aimed at the commuter and touring rider. Perhaps most importantly, the Duluth-based company is passionate about serving its global customer base from right here in northeastern Minnesota.

Andy Goldfine launched the Aerostich brand 26 years ago by designing a range of products that help protect riders from injury, and which make riding more comfortable. Along with Kim Brody and the rest of the management and associate team, Aerostich has become a world renowned niche business catering to motorcyclists who are more interested in functional performance than in looking tough.

Products, from motorcycle suits to boots to saddlebags, are sold direct only -- by internet and catalog -- and customers are fiercely loyal. One Norwegian couple flew into Chicago, drove to Duluth to be custom fitted for motorcycle suits, then headed straight home to Norway.

Despite its strong foothold in the market, the company felt the effects of the economic crunch. They’ve streamlined operations wherever possible – anything to avoid laying off employees, whose skill and dedication are not easily replaced.

A recent Northland Foundation loan helped to ease the pinch, however, and Aerostich now projects a profitable and, as one might expect, passionate future.

Loan Summary for the Year Ending June 30, 2009

Total Loans and Guarantees

19

Total Dollars Leveraged

$22,153,761

Jobs Created & Maintained

356

Total Business Financing Activity

$3,913,750

Loans

KMDA, Inc., Bovey
Horizon Health Care Supply, Inc., Duluth
MNSTAR Technologies, Inc., Grand Rapids
Van Technologies, Inc., Duluth
Dynamic Structural Steel, Proctor
Northwoods Coffee Roasters, Inc., International Falls
Xavier Enterprises, Inc., Duluth
Caribou Land Holdings, LLC, Lutsen
Como Lube & Supplies, Inc., Duluth
Gemini Sport Marketing, Inc., Grand Rapids
Aero Design & Manufacturing Company, Inc. d/b/a Aerostich, Duluth
Exodus Machines, Inc., Superior, Wisconsin
Northern Communities Land Trust, Duluth
McNeil’s Family Home, Hill City
Hudyma Prosperity Properties, LLC, Duluth
Champion Life Ministries, Inc., Duluth
Fish-Hard Investment Company, International Falls
Northstar Aerospace, Duluth
C&C Enterprises of Duluth d/b/a ProPrint, Duluth

Technical Advisory Committee

Gary Arnebeck
Hibbing

 

Dean Croft
Two Harbors Credit Union
Two Harbors

 

Debra Demianiuk
Beacon Bank
Duluth

 

Bob Palmquist
The Northspan Group
Duluth

Pam Sarvela
UMD Center for Economic Development
Duluth

 

Steve Schneberger
National Bank of Commerce
Duluth

 

Steve Utech
Republic Bank
Duluth