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Business Borrower Feature: Lakewood Lodge
Veteran-owned Deer River resort receives SBA award
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Surrounded by forest on a tranquil bay of Sand Lake – a premier fishing destination – near Deer River, MN, there has been a resort on the site of Lakewood Lodge for over a 100 years. In 2020, Preston and Aimee Osborne, Army veterans retired from military life and ready to settle down in one place, made it their new business and home.
The decision to purchase this particular resort was not strictly business—it was a return to Aimee's roots. Her grandparents once owned Lakewood Lodge, and she and her parents lived next door. Helping at the resort and making friends with the families vacationing there was part of her "northwoods" childhood. Now, the Osborne’s own youngest daughter gets to experience it for herself.
Navigating startup financing presented some challenges, but with support from the Northland Foundation and other partners, Aimee and Preston turned obstacles into opportunities. As an enrolled lender in the DEED Small Business Loan Guarantee program, Northland was able to provide credit thanks to the SBLG program.
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"The Northland Foundation and other non-traditional lenders worked together to round out the financing, along with our bank. They communicated with each other and got us where we needed to be to purchase the resort." –Aimee Osborne
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From a more modest property back in the day, Lakewood Lodge has evolved to 15 modern cabins with AC and Wi-Fi, sandy beach, lodge building, boat launch, and beautiful grounds, catering to guests of all ages and interests.
In their short time here, the family has been making their mark on both the resort and the community. They give back by serving on local boards, being involved in the chamber of commerce, coaching little league and cheerleading, and much more.
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In recognition of Preston and Aimee’s business success, as well as their military and community service, the Small Business Administration named Lakewood Lodge as Minnesota Veteran-owned Small Business of the Year. Brian McDonald, SBA District Director, visited the resort on April 30 to make the presentation.
The couple said of the award, "This is an honor. We're both proud of our military service, and we are grateful to have had access to financing help, as veterans, that enabled us to purchase Lakewood Lodge."
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The SBA's Brian McDonald (center) is pictured with Aimee and Preston. | |
As they gear up for another bustling season, the Osbornes are eager to welcome guests, old and new. For Preston and Aimee, Lakewood Lodge is much more than a business venture. It's a legacy they're thrilled to continue. | |
Low-interest Construction & Rehabilitation Loans | |
The Northland Foundation has capital available for low-interest loans up to $500,000 with interest rates of 3-5% for commercial construction and rehabilitation projects within our service area. We are most interested in providing gap financing in partnership with other lenders but, under certain circumstances, could be the sole lender. | |
- Land Acquisition, Development, Redevelopment,
- Demolition, Site Preparation
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- Predesign, Design, Engineering
- Repair, Renovation of Real Property, Capital Improvements, Relocation
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Some of the criteria include increases to property values, planned or potential job creation, improved energy efficiency, and maintaining economic vitality in rural communities.
Contact us for more details.
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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 (District I), and Mille Lacs Band of Ojibwe (District II).
Northland Foundation
202 West Superior St., Suite 800
Duluth, MN 55802
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