Business Services: Client Story & Recent Loans

Veteran-owned Deer River resort builds on family history, receives SBA Award

Surrounded by forest on a tranquil bay of Sand Lake – a premier fishing destination – near Deer River, MN, there has been a resort on the site of Lakewood Lodge for over a 100 years. In 2020, Preston and Aimee Osborne, Army veterans retired from military life and ready to settle down in one place, made it their new business and home.

The decision to purchase this particular resort was not strictly business—it was a return to Aimee’s roots. Her grandparents once owned Lakewood Lodge, and she and her parents lived next door. Helping at the resort and making friends with the families vacationing there was part of her “northwoods” childhood. Now, the Osborne’s own youngest daughter gets to experience it for herself.

Navigating startup financing presented some challenges, but with support from the Northland Foundation and other partners, Aimee and Preston turned obstacles into opportunities. As an enrolled lender in the DEED Small Business Loan Guarantee program, Northland was able to provide credit.

From a more modest property back in the day, Lakewood Lodge has evolved to 15 modern cabins with AC and Wi-Fi, sandy beach, lodge building, boat launch, and beautiful grounds, catering to guests of all ages and interests. In their short time here, the family has been making their mark on both the resort and the community. They give back by serving on local boards, being involved in the chamber of commerce, coaching little league and cheerleading, and much more.

In recognition of Preston and Aimee’s business success, as well as their military and community service, the Small Business Administration named Lakewood Lodge as Minnesota Veteran-owned Small Business of the Year. Brian McDonald, SBA District Director (center) visited the resort in late April to make the official presentation.

Said couple of the award, “This is an honor. We’re both proud of our military service, and we are grateful to have had access to financing help, as veterans, that enabled us to purchase Lakewood Lodge.”

As they gear up for another bustling season, the Osbornes are eager to welcome guests, old and new. For Preston and Aimee, Lakewood Lodge is much more than a business venture. It’s a legacy they’re thrilled to continue.

Recently closed loans total nearly $1 million

Three area small businesses – two start-ups and one existing – have recently closed on flexible financing through the Northland Foundation. All three business loans utilized Northland’s Low-interest Commercial Construction & Rehabilitation Gap Loan funds which may be used for costs associated with commercial property renovation or construction including site prep, demolition, design, engineering, and more.

To learn more about Business Services and all the financing tools available, please contact Amanda Vuicich or Michael Colclough.