October 2023

NEW! Low-interest loans for commercial construction and rehabilitation in northeast Minnesota

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 revenues. Loans will top out at $500,000 with interest ranging from 3% to 5%. Amortization can stretch over 20 years.

Loan eligibility includes:

  • Development
  • Redevelopment
  • Demolition
  • Site Preparation
  • Predesign
  • Design
  • Engineering
  • Repair
  • Land Acquisition
  • Relocation
  • Renovation of Real Property
  • Capital Improvements

"We’ve heard of deals getting stalled out due to the high interest rate environment. We hope this helps mitigate rates and increases investment."

Michael Colclough

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.

Our team is scheduling visits with EDAs and others in the region to answer questions and explore projects. If you have questions about the program or are interested in a face-to-face meeting in your county or community, please reach out to Michael or Amanda.

Click for a one-page flyer

Stay Tuned: Watch for more new loan and grant opportunities for small businesses coming online in the next several months.

Business Lending Staff
Business Services Director
Economic Development Specialist/Small Business Lender
Systems Manager
Our Reach
Working with northeast MN counties of Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis and the 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.

202 West Superior St., Suite 800
Duluth, MN 55802
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