Business Finance Program News

State of Minnesota provides $357,000 in lending capital

“There is high demand for flexible and gap financing right now, so we're pleased to have this additional capacity.” —Tony Sertich, President Northland Foundation

The Minnesota Department of Employment and Economic Development (Office of Business Finance) granted a total of $2,142,000 to the Northland Foundation and the five other Minnesota Initiative Foundations to bolster Greater Minnesota business lending. Northland received $357,000 which will be deployed as flexible and gap financing for businesses in support of job creation, entrepreneurship, and economic growth in the region.

$696,000 in investments approved to six businesses

The Northland Foundation approved six financing projects totaling $696,000 during May-July 2016.

Business Finance Program loans recently approved are:

• Marine Tech, LLC, Duluth

• Points North Consulting, Duluth

Four Quick Turn Loans, made in partnership with each borrower’s bank, were also approved:

• J&A Logging, Grand Rapids

• Mattevi Martial Arts Academy, Superior

• Hydrosolutions of Duluth, Duluth

• Range Steel Fabricators, Inc., Hibbing

To learn more about the Business Finance Program and the tools available, please email Michael or Kurt or call the Northland Foundation at (218) 723-4040.