Venture News
Top Talk
February 23, 2017
From the Director's Desk
Venture North finished 2016 with a strong fourth quarter and is off to a fast start in 2017 with several loan deals in the pipeline. As you'll see in our Annual Report below, Venture North deployed nearly $790,000 in business capital to 13 area companies last year. And we continued our 0% loan default rate in 2016. We're also encouraged that several Venture North clients are returning for additional business funding as they continue to expand their operations. 

Here's a recap of our activity over the past quarter. And as always, thank you for your continued support of Venture North. 

Laura Galbraith, Executive Director
FUNDING | Access to Capital
Venture North Issues Annual Report for 2016
Business growth, new jobs, energy savings - Venture North Funding & Development did that and more in 2016. Infusing nearly $800,000 in business capital to more than a dozen local businesses was achieved in 2016, thanks in part to our partners and investors that support Venture North. For a complete overview of Venture North's lending activities over the past year, link to the organization's Annual Report.
Jill May Joins Venture North Staff
As Venture North expands its business lending across the Grand Traverse region, it's adding hands to help with the workload. Jill May joined the Venture North staff in October as a Development Consultant and has done a tremendous job working with Venture North partners in growing the organization's available lending capital, doing marketing and outreach and compiling the aforementioned Annual Report .

Click here to learn more about Jill.
Renee Sovis and Annie Zimmerman
TC Bridal Shop Grows with Venture North
Two co-workers who didn't know they both had an idea to launch a bridal shop came together to start One Oak Bride, a business that opened in late December featuring gorgeous bridal gowns located in the Front Street Commons building in downtown Traverse City. Annie Zimmerman and Renee Sovis are capitalizing on Northwest Michigan's growing reputation as a wedding destination. They tapped Venture North for a $63,250 USDA loan to help start their business and gear up for the 2017 wedding season.  Learn more  about their plans.
Dennis and Katy Bean-Larson of ERG! with Venture North's Laura Galbraith.
ERG! Fruit & Nut Bars To Expand
Smart, healthy eating has proven to be good business for Dennis and Katy Bean-Larson, co-owners of ERG! Fruit and Nut Bars based in Traverse City. The couple turned to Venture North three years ago for a Sub-Micro Loan through a program created with Fifth Third Bank to help the company in its early stages. The Bean-Larsons recently secured a second Sub-Micro Loan of $10,000 to continue growing the company's production and distribution of their popular energy bars. Click here  to learn more.
Venture North Offers a Perfect Touch
Commercial and residential cleaning is a big job - and it takes highly specialized equipment to do it right. Jason Fils of Perfect Touch Cleaning LLC turned to Venture North for business capital to help upgrade his equipment to take on bigger cleaning jobs and do them quicker and better. After securing a $19,000 Venture North loan, Fils installed a larger, more-powerful vacuum and pump in his work van. Click here   to learn more about the USDA Loan Fund utilized by Fils and other lending options available through Venture North. 

Fils said the equipment upgrade will help him take on larger cleaning projects, and will help the clean ups go quicker with improved results. Plus, the new equipment creates less physical strain for him. He no longer has to haul portable cleaning units up and down staircases as the new vacuum can reach up and down several stories from his work van. Helping small businesses grow and work more efficiently and effectively is a big part of what Venture North does, and we're proud to help Fils bring his "perfect touch" to more clients.
SOS Learning Lab Continues to Grow
Debra Caperton turned to Venture North three years ago for business capital to help launch SOS Learning Lab, where she assists individuals from all age groups in expanding their educational horizons. To help grow her successful business, Caperton recently secured a $25,000 loan from Venture North's USDA Loan Fund to allow her to expand her facility on Veterans Drive in Traverse City, and continue growing her programming.  Learn more. 
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Total Funded

63 Loans totaling $3,348,076.01

as of February 21, 2017

Approximately $3 million