"The Northland Foundation has helped us out many times over the last few years."
Although CAST Corporation machines parts from bar aluminum, copper, brass, and steel, its true niche is custom ferrous castings.
CAST’s owner, Tim Bungarden, began his company in a small, rented facility on the Iron Range more than 20 years ago – just one man fulfilling his dream of opening his own business. With the help of local banks and the Northland Foundation’s Business Finance Program, CAST grew.
“The Northland Foundation has helped us out many times over the last few years,” stated Bungarden.
In 2005, CAST bought a site in Hibbing with space for CAD design, a machine shop, and quality and testing control along with ample room for expansion. In 2010, it doubled the size of its machine shop and added a foundry in 2014.
Today, CAST provides stable, impactful jobs for more than 30 people and helps strengthen the Iron Range economy.
CAST credits much of its success to organizations like Security State Bank of Hibbing, the Iron Range Resources and Rehabilitation Board, and the Northland Foundation: flexible partners who ensured one man’s idea could rise from dream to reality.
“When you start out as an entrepreneur sometimes and you are undercapitalized, that’s really important to have that assistance, where it is a shared risk – some of it entrepreneurs, some of it banks, and some of it agencies like Northland Foundation,” Bungarden said.
Total Loans: 18
Dollar total: $1,536,403
Jobs created/maintained: 169
Dollars Leveraged: $7,473,260
Cedarbrook Lumber Company, Aitkin
Cast Corporation, Hibbing
PureDriven, LLC, Two Harbors
NK-G Transportation, Nashwauk
Garrett Transport, LLC, Virginia
Vikre Distillery, LLC, Duluth
SOAR Career Solutions, Duluth
Cascade Vacation Rentals, Lutsen
Wilderness Products, LLC, Silver Bay
Aftenro Society, Duluth
LIPE Brothers Construction, Inc., Duluth
Matthew and Sara Weik d/b/a Yker Acres
Farm, Wrenshall
Legacy Collision, LLC, Virginia
Hermantown Lumber Company, Hermantown
Hydrosolutions of Duluth, Inc., Duluth
J&A Logging, Grand Rapids
MNSTAR Technologies, Inc., Grand Rapids
Mattevi Martial Arts Academy, Superior
The following individuals provide guidance to the Northland Foundation staff and Board of Trustees in regard to business lending decisions.
William M. Arezzo
Senior Vice President - Private Banking Manager
National Bank of Commerce
Jeff Borling
Economic Development Lead
Great River Energy
Dean Fries*
Vice President
National Bank of Commerce
Brian Murphy
Chief Lending Officer
North Shore Bank of Commerce
Deb Otto
Market President
Alerus
Heather Rand*
Economic Developer
State of Minnesota
Tom VanHale
Retired
Curt Walczak
Consultant
UMD Center for Economic Development
*Completed their terms during this fiscal year.