Business Finance Program News

Director of Business Finance, John Elden, receives MFBC Member of the Year Award

John Elden, Director of Business Finance at the Northland Foundation recently was named a 2014 Minnesota Business Finance Corporation (MBFC) Member of the Year. He was one of four small business lenders so honored. Recipients had either the highest dollar volume or largest number of deals referred to MBFC for the last Fiscal Year.

Elden received his award at the MBFC Annual Membership Meeting held October 22, 2014 in Saint Cloud. John has administered the Foundation’s mission-focused lending activities since 1991. Since the inception of this program, Northland has invested more than $57 million in small and medium-sized businesses in the seven counties of northeastern Minnesota as well as Superior/Douglas County, Wisconsin.

Board of Trustees approves $430,000 to five organizations

Northland Foundation recently approved five loans totaling $430,000 to support economic growth and help businesses to create or save quality jobs in the region. Financing recipients are:

• North St. Louis County Habitat for Humanity, Virginia

The below-listed businesses received Quick Turn Loans made in partnership with the borrower's bank.

• SpokeNGear, Inc., Two Harbors

• P&R Properties Twin Ports, LLC, Duluth

• NK-G Properties, LLC, Nashwauk

• American Indian Community Housing Organization, Duluth

Through the Business Finance Program, the Northland Foundation offers flexible financing options for new or existing businesses and nonprofit organizations in northeastern Minnesota as well as Superior/Douglas County, Wisconsin. Many financing projects include partnering with a bank or other financial institution to provide the total level of financing a client needs.