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Initiative Quarterly

Business Financing


Matt Schiller and Jeff Zierdt are co-founders of Lupulin Brewing ( in Big Lake, an Initiative Foundation loan client. Read their business story.

The Initiative Foundation works to create economic opportunity by lending funds to locally owned businesses.

The Foundation’s business loans work to strengthen communities and diversify local economies. In partnership with other lenders, the Initiative Foundation offers loans to entrepreneurs who ...

  • wish to start or expand a locally owned business
  • have a sound business plan and acceptable credit
  • create quality jobs with living wages and benefits
  • advance local and regional goals for target industries.

CDFI Fund CertificationThe Initiative Foundation is certified as a Community Development Financial Institution, or CDFI. The certification from the U.S. Department of the Treasury’s CDFI Fund signifies that the Foundation meets stringent requirements as a financing entity with a primary mission of promoting community development.

Learn more about our CDFI partnerships that are helping to drive change in the region.

A Diversity of Financing Programs

The Initiative Foundation offers the following business financing programs to meet diverse regional needs:

  • Business Loan Fund: Up to $500,000 for value-added agriculture and manufacturing companies that bring new revenue to communities. Business Finance Fact Sheet
  • Nonprofit Loan Fund: Up to $100,000 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. Nonprofit Fact Sheet
  • Lender Match Loan Fund: Up to $100,000 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. Lender Match Fact Sheet

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.

How to Apply

After reviewing the above loan guidelines, please email Dan Bullert or call toll-free (877) 632-9255. This is your first step to securing a loan through the Initiative Foundation.

Initiative Foundation loans are seldom more than 50 percent of a total financing package. Terms require a personal guaranty.

Recent Loans


Hussein Farah, owner/operator of 33rd Meat & Grocery, St. Cloud, is adding a deli to his operation. Read his business story.

To learn more about the Business Finance Program, please contact Dan Bullert, business finance manager, at dbullert(at) or (320) 631-2013. 

2019 First Quarter Loans: $607,500

  • Aaron's Total Car Care, LLC, Mora—Aaron's Total Car Care, LLC, is a start-up business that will provide automotive maintenance and repair services.
  • Lake Superior Laundry, Inc., Pine City—Lake Superior Laundry, Inc., provides laundry services to the healthcare and hospitality industries in Minnesota, parts of Wisconsin and the Upper Peninsula of Michigan. 
  • Horseed Deli Inc., St. Cloud—Horseed Deli Inc., is a grocery store which will be expanded to a deli. 
  • Legacy Place, LLC, Sauk RapidsLegacy Place, LLC, operates an eight-unit specialized assisted living facility in Sauk Rapids.
  • J&M Transport, LLC, Sauk Rapids—J&M Transport is a trucking company that will transport freight all over the United States. 
  • Jill's Cafe, Richmond—Jill's Cafe is a restaurant in Richmond offering home cooking and fresh-baked pies. 
  • Brown's Produce, Long Prairie—Browns Produce operates a facility that grades, packages and stores vegetables. Our involvement would finance costs associated with the recent construction of real estate.
As a result of these loans, $2.4 million in private financing was leveraged through other lending institutions.

2019 Second Quarter Loans: $545,750

  • Bogart, Pederson & Associates, Inc., Becker—Bogart, Pederson & Associates, Inc., is a land surveying and civil engineering firm.
  • Little Fiesta, Little Falls—Little Fiesta is a Mexican restaurant located near Highway 10 in Little Falls. 
  • Barrett Petfood Innovations, Little Falls—Barrett Petfood Innovations is a full‐line pet food manufacturer specializing in co‐packaging super premium animal feed and pet food for domestic and multinational brands.
As a result of these loans, $19.9 million in private financing was leveraged through other lending institutions.

2019 Third Quarter Loans: $434,100

  • Collyard Chiropractic and Professional Karate Studios, Elk River—Collyard Chiropractic provides chiropractic adjustments, massage therapy, acupuncture, essential oils and nutritional supplements. Professional Karate Studios is a full-time martial arts school and provides physical fitness, self-esteem and practical self-defense classes for families and children. 
  • LJ Level Construction, Isanti—LJ Level Construction is a residential and light commercial general contractor. 
  • Renters Warehouse, Sauk Rapids—Renters Warehouse provides property management services to people who own investment property or are unable to sell their home in a timely manner.
  • Baby's on Broadway LLC, Little Falls—Baby’s on Broadway is a specialty baby boutique started by Adelle Starin in 2014. In 2017, Baby’s on Broadway purchased the assets of the Gumdrop
    Tree, a children’s toy store that was going out of business, to add to its product line.
  • Summit Health Partners, LLC, Sauk Rapids—Summit Health Partners opened Wildwood Assisted Living in the spring of 2017. The facility can accommodate 30 patients, consisting of 24 one-bedroom studio units and 3 double bedroom units.
  • Distinctive Iron, Elk RiverDistinctive Iron is a designer, fabricator and installer of structural and miscellaneous metals. 
  • Mako Store, St. CloudMako Store is a fashion and beauty store located at 108 East St. Germain, St. Cloud. Fartun designs a modest and culturally inclusive clothing line for both men and women. 
  • Boone's Market, Randall—Boone’s Market is now open to replace Gosch's Grocery that closed in September 2018 after having been in operation for many years.This is the only grocery store in Randall.

As a result of these loans, $2.6 million in private financing was leveraged through other lending institutions.

Brainerd Unified Fund Loan Servicing: 

The Unified Fund is a revolving loan fund of the Brainerd Lakes Area Economic Development Corporation. The fund supports Crow Wing County business development and was created in 2017-2018 by pooling several million dollars worth of grants and other available city, county and utility resources. The Initiative Foundation partners with BLAEDC by servicing Unified Fund loans.

  • Paradigm Automotive & Performance, Brainerd—Paradigm Automotive & Performance is full-service automotive repair, performance and speed shop.
  • Victual, Crosby—Victual is a boutique-style, gourmet food retail store that specializes in lactose-free ice cream in Crosby.  



Daniel Bullert
Business Finance Manager
(320) 631-2013


Carie Verley
Finance Assistant
(320) 631-2010


Jeff Wig
Vice President for Entrepreneurship 

(320) 631-2006

Loan Stories

Read about some of our loan projects from around the region.

Hear a testimonial from Justin Wampach at Call Scheduler by Adjuvant.

Regional Impact

In addition to its certification by the United States Department of the Treasury as a Community Development Financial Institution (CDFI), the Initiative Foundation is certified by the Small Business Administration as a Community Advantage lender and is also a proud member of the Opportunity Finance Network. View our Impact Update for a historic snapshot of business finance activity.