The Business Finance Program offers flexible financing for new or existing businesses to support the region's economy and help borrowers to retain and create new jobs. Last year, the program closed 25 loans to assist 6 start-ups and 19 business expansions including five loans to nonprofit organizations.
In Aitkin, MN, vintage brick buildings line the main streets and the Mississippi River meanders past. It is a rural small town, yes, but also a bustling county seat. In 2019, two new businesses reimagined an old corner of downtown Aitkin. The Northland Foundation and Security State Bank were there with key financing support.
Chef Peter Lowe returned to his hometown in 2018 after 15 years spent catering for the film industry. Lowe connected with a couple of partners, Dake Olson and Rich Courtemanche, to open the taps on a dream: a restaurant and craft brewery. The trio transformed a former furniture store into the rustic-modern Block North Brewpub & Eatery, where customers enjoy the mouthwatering menu of handcrafted food and brewed-on-site beer.
Meanwhile, just next door, Matt Doucette gutted the interior of another tired building. With the closure of Shopko in Aitkin, hundreds of customers lost their only nearby source of prescriptions. Doucette, a pharmacist working one county over, saw a chance to help. The Aitkin GuidePoint Pharmacy opened in July. Doucette is filling a critical local need – and prescriptions – with a smile.
Total Loans: 25
Dollar Total: $2,018,472
Dollars Leveraged: $10,276,494
Jobs Created/Maintained: 171
One Roof Community Housing, Duluth
American Indian Community Housing Organization, Duluth
DBS Properties of Minnesota, LLC d/b/a DBS Basement Solutions, Duluth
Stern Assembly, Inc., Hoyt Lakes
Centa Properties, LLC, d/b/a Autobahn Service and Repair
Hoops Brewing Company, LLC, Duluth
Alucab, LLC d/b/a Aluminum Cabinet Company, Duluth
P&R Properties Twin Ports, LLC, Duluth
American Indian Community Housing Organization, Duluth
Northern Lights Surveying Services, Inc., Virginia
Spokengear GBC, Inc., Two Harbors
24 Properties, LLC/24 Hour Bookkeeper, Inc., Hibbing
Ground Effects Excavating, Inc., Saginaw
Hanzell Co. d/b/a Cedarbrook Lumber, Aitkin
SOAR Career Solutions, Duluth
Spirit of the Lake Community School, Duluth
Hanzell Co. d/b/a Cedarbrook Lumber, Aitkin
CAST Corporation, Hibbing
MNSTAR Technologies, Inc., Grand Rapids
Rapids Brewing Company, Grand Rapids
Northern Skin Rejuvenation, International Falls
Wired2Fish, Inc., Grand Rapids
Block North, LLC d/b/a Block North Brewpub & Eatery, Aitkin
Pharmasea Breeze, LLC d/b/a GuidePoint Pharmacy, Aitkin
Negley Properties, LLC d/b/a Rural Living Environments, Babbitt
The following individuals provide guidance to the Northland Foundation staff and Board of Trustees in regard to business lending decisions.
William M. Arrezzo
Senior Vice President and Private Banking Manager
National Bank of Commerce
Jeff Borling
Economic Development Lead
Great River Energy
Janelle Greschner
Director of Business Recruitment
Minnesota Department of Iron Range Resources and Rehabilitation
Brian Murphy
Chief Lending Officer
North Shore Bank of Commerce
Deb Otto
President
Bremer Bank
Curt Walczak
Consultant
UMD Center for Economic Development
Kurt Werner
Executive Vice President
Woodland Bank
© 2019 NORTHLAND FOUNDATION