Initiative Foundation Loan Funds
> Business Financing Fact Sheet
Besides awarding grants to nonprofit organizations, the Initiative Foundation also creates economic opportunity by lending funds to locally owned businesses. This unique ability enables us to strengthen communities like few other foundations. In partnership with other lenders, we finance the risk of new ventures in order to create quality jobs and reinforce our local economy. Living wages and benefits offer families such advantages as home ownership and a greater connection to their community.
The foundation is a supplementary lender, always working with other financial institutions to alleviate risk or equity concerns that may prevent a promising business from receiving the needed financing to start-up or expand.
When the foundation evaluates a potential business investment, our strongest consideration is given to community-focused entrepreneurs whose business plans include quality jobs, especially in the hometowns that need them most.
The Initiative Foundation offers the following business financing programs to meet diverse regional needs. We prioritize 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.
In 1997, the Initiative Foundation received designation from the U.S. Treasury as a Community Development Financial Institution (CDFI), a specialized financial institution that works in market niches that are underserved by traditional financial institutions.
In 2002, the Foundation was awarded a $1.1 million CDFI Fund Core Program Financial Assistance grant to capitalize the Technology Capital Fund. In 2010, the Foundation also received a $750,000 CDFI grant to support the Technology & Green Loan Funds.
The Foundation is also proud to be a member of the Opportunity Finance Network.
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Wadena Loan Fund (new as of 7.14.10)
The Initiative Foundation is administering a $150,000 emergency loan fund to help Wadena County businesses keep their doors open after the June 17, 2010 storm.
In partnership with the Minnesota Department of Employment and Economic Development and the Blandin Foundation, the Initiative Foundation is offering low-interest loans to provide working capital/recovery expenses to businesses as they return to normal operations.
Downloads:
> Wadena Fund Fact Sheet
> Application:
- fillable Word version
- printable PDF version
For more information contact Dean Uselman, Wadena Development Authority, at 218-631-7710, wadenadevelopment@arvig.net or Randy Olson, Initiative Foundation at 320-632-9255, rolson@ifound.org.
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