Business Services News
Low-interest Construction and Rehab loans now available
The Northland Foundation is rolling out a pilot program, along with significant loan capital, to boost commercial construction and rehabilitation on main streets throughout the region.
Northland has $5 million to deploy over the next two years. Gap financing will support projects within our service area, ideally in partnership with a bank loan. The program is primarily aimed at small businesses with $1 million or less in revenue. Loans will top out at $500,000 with interest ranging from 3% to 5%. Amortization can stretch over 20 years.
Some of the criteria for consideration include increases to property values, planned or potential job creation, improved energy efficiency, and maintaining economic vitality in rural communities. We are most interested in coming alongside other lenders but, under certain circumstances, could be the sole lender.
Please contact Michael Colclough or Amanda Vuicich with questions about the program or a possible project.
Recently Closed Loans
In recent months, the Northland Foundation has closed loans totaling $759,000 to four businesses in the region.
EXISTING BUSINESSES:
- Watters Excavating, LLC, Duluth
- Cedar & Stone Nordic Sauna, LLC, Duluth
NEW BUSINESSES:
- Wired Whisker, LLC, Duluth
- BWCA Wolf Pack, LLC d/b/a North of North, Ely
To learn more about Business Services and financing tools available, email Amanda or Michael.