The Northland Foundation's Business Finance Program has closed 10 business loans in the past quarter. These investments will assist with expansions of nine for-profit businesses and one social enterprise in the region.
Stern Assembly, LLC, Hoyt Lakes
DBS Basement Solutions, Duluth
Autobahn Service and Repair, Duluth
Spokengear GBC, Inc., Two Harbors
Hoops Brewing Company, LLC, Duluth
Northern Lights Surveying Services, Virginia
Aluminum Cabinet Company, Duluth
P&R Properties Twin Ports, LLC, Duluth
American Indian Community Housing Organization, Duluth
24 Hour Bookkeeper, Inc., Hibbing
A new Northland Foundation loan client, Stern Companies, Inc. has moved into the 30,000 square foot manufacturing site of a former Northland loan client, Premier Plastics. Stern is a rubber and plastic components manufacturer based in Baxter, MN, that is adding a second location in the Laskin Energy Park in Hoyt Lakes.
"Stern Companies, Inc. is excited to expand into Hoyt Lakes and bring manufacturing jobs to the area. We thank the IRRR, City of Hoyt Lakes, Northland Foundation, and Northspan for their assistance with making this project a reality. These partners have been extremely helpful and committed to this project since day one," stated Jerry Sinner, President/CFO at Stern.
"Northeastern Minnesota's vibrant ecosystem of non-traditional lenders enabled this project to come together, to help bring a successful business and jobs to Hoyt Lakes." Tony Sertich
Stern makes parts used in ATVs, recreational boats, agricultural equipment, snowmobiles, and much more. Stern has already begun limited operations in Hoyt Lakes and will increase production over the next 12 months. A minimum of 16 jobs with full benefits are anticipated in Hoyt Lakes.
A Northland Foundation loan assisted Stern with their equity piece of the SBA 504 structure. Other partners include Northspan, Minnesota Department of Iron Range Resources and Rehabilitation (IRRR), Minnesota Business Finance Corporation (MFBC), and BankVista.