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.