Contact: Dan Bullert, Business Finance Officer Phone: 320-631-2013
The Initiative Foundation offers the following business financing programs to meet diverse regional needs:
Direct Business Loan Fund - up to $250,000 for value-added agriculture and manufacturing companies that bring new revenue to communities.
Technology Capital Fund - up to $500,000 for emerging high-tech ventures and technologies that increase productivity.
Green Business Loan Fund - up to $250,000 for businesses that preserve the environment, reduce energy demands or recycle existing waste streams.
Nonprofit Loan Fund - up to $50,000 for the creation or expansion of mission-related earned-income/social enterprise activities carried out by eligible nonprofit organizations. Loan proceeds may be used for working capital, equipment acquisition and/or facility improvements.
Lender Match Loan Fund - up to $50,000 for manufacturing, technology, wholesale and other businesses. In partnership with financial institutions, this fund provides crucial capital to minimize the out-of-pocket cash outlay otherwise needed for a down payment on the purchase of equipment or real estate.
The Initiative Foundation places an emphasis on technology-based and green businesses as well as value-added manufacturing and agriculture operations. Nontraditional business owners such as women and minorities are especially encouraged to apply. Business loans are competitive and subject to review by staff and a volunteer committee. Loans may require 90 days to review and close based on complexity and documentation.