Over $2 million in new loan capital available to northeastern Minnesota businesses |
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$1.86 million awarded by CDFI Rapid Response Program
The Northland Foundation loan program has been a certified Community Development Financial Institution (CDFI) for more than 20 years. We are one of approximately 1,200 such entities scattered across all 50 states, the District of Columbia, and U.S. territories of Guam and Puerto Rico. As a CDFI, the foundation has successfully applied for upwards of $10 million for lending in our service area.
“These awards provide CDFIs with an unprecedented level of flexible capital to help distressed and underserved communities across the country take meaningful steps towards recovering from the debilitating economic impacts of the COVID-19 pandemic,” said CDFI Fund Director Jodie Harris.
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$150,000 in new Emerging Entrepreneur loan capital
The Northland Foundation is one of 26 nonprofit lenders across the state selected to receive new loan capital through DEED’s Minnesota Emerging Entrepreneur Loan Program. The award of $150,000 is part of $3.1 million being awarded statewide to support the growth of businesses owned and operated by people who identify as Black, Indigenous, and People of Color (BIPOC); low-income persons; women; veterans and/or persons with disabilities.
The program helps ensure that business owners from populations who’ve historically faced barriers to accessing capital are able to get funds to start and grow their business. The Emerging Entrepreneur Loan Program awards can be used by eligible businesses to finance a variety of start-up and expansion costs. Find more information about the ELP here.
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Business Services changes: staff and outside partners play new roles in lending |
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What our Business Services contributes to economic development and financing in the region is consistent yet ever-changing. That sounds contradictory, but being a relevant resource for the past 33 years has always meant evolving with opportunities, challenges, needs, demand, tools and products, and capital.
Today, that includes shifting staff roles and a new relationship with longtime partners. Suzanne Rauvola has been with the foundation for 24 years and has, among diverse duties during that time, worked with the loan program on reporting and Technical Advisory Committee support. She is now working more directly with borrowers and financing partners for loan closings, invoicing, and more.
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Similarly, the Northland Foundation has worked in regional economic development alongside Northspan, a private nonprofit consulting organization, since the beginning. Thanks to a recent contract agreement, Northspan staffers Bob Palmquist and Amanda Vuicich are providing added underwriting capacity to our lending program.
Michael Colclough, the Northland Foundation's Business Services Director, continues to lead marketing and outreach, connecting with potential borrowers and financing partners and developing loan deals.
“Tapping knowledgeable employees like Suzanne and great colleagues like Northspan has meant doing things a little differently on the back end. But, outfacing, our program can maintain seamless service for borrowers and financing partners,” said Tony Sertich, President of the Northland Foundation.
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Northland Foundation staff members are continuing to work remotely at this time. Email is the best way to reach us.
Business Services Director
202 West Superior St., Suite 610, Duluth, MN 55802
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We work with the people, businesses, and communities of Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis Counties and the Native Nations within our geographic service area: Bois Forte Band of Chippewa, Fond du Lac Band of Lake Superior Chippewa, Grand Portage Band of Lake Superior Chippewa, Leech Lake Band of Ojibwe, and Mille Lacs Band of Ojibwe.
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