“The Northland Foundation’s business lending is directly tied to our mission to ‘invest in people and communities to support a thriving Northeastern Minnesota’, and a healthy economy and good jobs are critical to thriving communities.” —Tony Sertich, PresidentThe Northland Foundation has been awarded $686,500 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The CDFI funding supports increased lending activity in low-income and economically distressed communities. The Northland Foundation is one of 224 CDFIs nationwide that received a total of $166,291,088 in Financial Assistance awards.
“This additional loan capital from the CDFI Fund will go directly ‘out the door’ to help businesses in our region start up or expand,” stated Michael Colclough, Business Finance Director.
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. To learn more about the CDFI Fund, visit the website at www.cdfifund.gov.
The Northland Foundation's Business Finance Program has recently approved $450,500 in business loans. These investments will assist the following three businesses and one nonprofit organization located in northeastern Minnesota to start up or expand, as well as save existing or create new jobs.
Kickstart/Archer Properties, Two Harbors
Lux Fitness, Hibbing
Wolf Ridge Environmental Learning Center, Finland