Business Financing

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.

The 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

In 2019, the Initiative Foundation supported Barrett Petfood Innovations with a lending package in collaboration with several other lenders. Pictured are siblings and co-owners Sarah and Tom Barrett. Read their business story. 

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

2022 Fourth Quarter Loans: $476,000

• Anisa Hagi, LLC, St. Cloud—Anisa sells affirmation cards, journals and posters. 
• HH Stables, Princeton—HH Stables is purchasing Gordan Training Center, a boarding and training facility for horses. 
• GroShed, Emily—GroShed builds an indoor hydroponic gardening shed. Learn more ...
• Karel's Hardware, Isle—Karel's Hardware is a hardware store in Isle. 
• Klar's Cleaning & Restoration, Hinckley—Klar's Cleaning & Restoration will serve as a ServPro franchise. 
• D.T. & M Property Management Corp., St. Cloud—D.T. & M Property Management is remodeling a future cultural mall. 
• Jules' Bistro, St. Cloud—Jules' Bistro is a restaurant in downtown St. Cloud. 

As a result of these loans, $2 million in private financing was leveraged through other lending institutions.

2022 Third Quarter Loans: $708,225

• Selvin Merida, Staples—Merida owns a beekeeping business in the Staples area. 

• K & R Custom Meats, Mora—K & R Custom Meats is a meat market located in Mora. 
• Savanna Prairie, Inc., Kimball—Savanna Prairie is an assisted living facility in Kimball. 
• Dalal Logistics, St. Cloud—Dalal Logistics is a transportation business in the St. Cloud area. Mohamed will be purchasing another truck. 
• Mac Delivery, Inc., St. Cloud—Mac Delivery is a transportation business in the St. Cloud area. 
• Cloud Property, LLC, St. Cloud—The owners of this holding company also own Advantage 1 Insurance. They are purchasing the building. 
• Bridge Healing Center, LLC, St. Cloud—Bridge Healing Center is a culturally-specific mental health and addiction services business. 
• Sota Car Wash, LLC, Monticello—Sota Car Wash operates a dual-belt conveyor system car wash in Monticello. 
• DRM Veterinary Group, LLC, Rice—DRM Veterinary Group is expanding its current footprint. 
• Amina Express, LLC, St. Cloud—Amina Express, LLC is an over-the-road trucking company.
• The Sanctuary, Crosby—The Sanctuary is a seven-room boutique hotel in Crosby. 

As a result of these loans, $6.3 million in private financing was leveraged through other lending institutions.

2022 Second Quarter Loans: $1.04 Million

• GroShed, Emily—GroShed builds an indoor hydroponic gardening shed. Learn more ...
• Cartfull, North Branch—Cartfull is a retail discount store in North Branch. 
• Holdingford Hardware, Holdingford—Headley Hardware was an existing hardware store that has been purchased and renamed Holdingford Hardware.
• Chevys Pit, St. Cloud—Chevys Pit is purchasing a food trailer to use for catering and pop-up food truck-like stops in the greater St. Cloud area.
• Little Falls Bowling Center—Little Falls Bowling Center offers 16 lanes of bowling, a full bar and pizza.
• Rizzy's on the Lake, LLC, Osakis—Rizzy's on the Lake is being remodeled to serve as a cabin rental resort on Lake Osakis.
• Baby's on Broadway, Little Falls and St. Cloud—Baby's on Broadway has opened a second location in St. Cloud.
• Senor Elote Y Mas, LLC, Melrose—Senor Elote Y Mas will open a restaurant in Melrose.
• Northern Oaks Events, LLC, Sauk Rapids—Northern Oaks Events is an event destination located outside of Sauk Rapids. 
• Powderlodge — Miller Marine, St. Cloud—Miller Marine is being purchased by Powederlodge — Miller Marine. 

As a result of these loans, $22.1 million in private financing was leveraged through other lending institutions.

2022 First Quarter Loans: $1.2 Million

• Northern Edge Decor, Pequot Lakes—Northern Edge Decor is a retail home decor store. 
• Backroad Meats, Milaca—Backroad Meats is a butcher shop and meat market. 
• Lam's Tax Service, St. Cloud—Lam Tax Service is an accounting and tax preparation firm. Read Chuol's business story. 
• Schneider Industries, LLC, Center City—Schneider Industries is an underground utility and excavation business.
• Cozy Bay Resort, Nisswa—Cozy Bay Resort, Nisswa is a family-owned resort on Lake Edward in Nisswa.
• LBT Concrete, Royalton—LBT Concrete is taking over the operation of Southside Sand & Gravel.
• Minnesota T’s, Brainerd—Minnesota T's was purchased by long-time employee Cat Hanson.
• Arroy, St. Cloud—Arroy is a restaurant in the former Sawatdee location in downtown St. Cloud
• Higher Works Collaborative, St. Cloud—Higher Works Collaborative is purchasing a four-unit apartment building to be used as a sober house. 
• Greater Northern Capital Fund II—Greater Northern Capital Fund is an early-stage venture capital fund managed by Greater North Labs. 

As a result of these loans, $54.2 million in private financing was leveraged through other lending institutions.

2021 Fourth Quarter Loans: $1.3 Million

• Cicerone Adventures, Pequot Lakes—Cicerone Adventures will be operating an adventure tourism company called The Getaway. 
• Upsala Senior Living—A new assisted living facility will be opening in Upsala. Project completion is anticipated for late summer 2022.  
• Females That Hustle, St. Cloud—Females That Hustle is a female, minority-owned clothing company. 
• EZ Electrical Solutions, Cambridge—EZ Electrical Solutions makes and sells modified boxes for electrical outlets and light switches that reduce the risk of electrical fires and improve the efficiency of the installation process.
• Amina Express, LLC, St. Cloud—Amina Express, LLC is a trucking company that will do over-the-road trucking.
• Acorn Hill Resorts, Walker—Acorn Hill Resort is a Minnesota family resort. 
• Midas Trucking, Foley—Midas Trucking (formerly Janson Trucking) hauls wood and cabinetry products nationally. 
• Platinum Cosmetics, Little Falls—Platinum Cosmetics will be a medical spa for Botox, laser hair removal, hydro facials, micro needling and fillers.

As a result of these loans, $18 million in private financing was leveraged through other lending institutions.

2021 Third Quarter Loans: $633,000

• Chevys Pit, St. Cloud—Chevys Pit is purchasing a food trailer to use for catering and pop-up food truck-like stops in the greater St. Cloud area.
• Cuyuna Brewing Company, LLC, Crosby—Cuyuna Brewing Company is a craft micro-brewery. The loan will support remodeling efforts and to create space to incorporate a restaurant partnership.
• Love the Journey, Inc., Hinckley—Love the Journey operates an outpatient mental health counseling business in Mora, and is opening a second location in Hinckley.
• In the Woods Campground, LLC, Walker—In the Woods Campground is constructing a 40-site campground and recreation area near Leech Lake. Each site will have electricity hook-ups. 
• Pure Bliss Salon & Spa, LLC, St. Cloud—Pure Bliss Salon & Spa, based in Avon, is expanding to a second location in St. Cloud.
• Due North Car Wash, Monticello—Due North Car Wash is building an automated exterior car wash facility in Monticello.
• Amina Express, LLC, St. Cloud—Amina Express, LLC is a trucking company that will do over-the-road trucking.

As a result of these loans, $4.9 million in private financing was leveraged through other lending institutions.

2021 Second Quarter Loans: $633,750

• Advanced Interconnect Technologies, LLC, St. Cloud—Advanced Interconnect Technologies is a machine shop that produces parts for the defense contracting industry. 
• Shiloh Assisted Living, Pequot Lakes—Shiloh Assisted Living is an assisted living facility in Pequot Lakes, Minn. 
• Hamilton Funeral Homes, Inc., Mora & Braham—Hamilton Funeral Homes is a funeral home business with locations in Mora and Braham. 
• Midway Deli, LLC, St. Cloud—Midway Deli will focus on providing customers with fresh, culturally-appropriate foods, baked goods, beverages and desserts.
• The Sanctuary, Crosby—The Sanctuary will be a seven-room boutique hotel in a former church. 
• TrippleS LLC, St. Cloud—TrippleS LLC is a trucking company that will transport freight all over the central portion of the United States. 

As a result of these loans, $8.2 million in private financing was leveraged through other lending institutions.

2021 First Quarter Loans: $216,000

2020 Fourth Quarter Loans: $475,000

• Dubow Textile, St. Cloud—Dubow Textile is a full-service print shop. 
• Falls Fabricating, Little Falls—Falls Fabricating offers Contract Manufacturing OEM products for a variety of industrial market customers. 

As a result of these loans, $6.9 million in private financing was leveraged through other lending institutions.

2020 Third Quarter Loans: $205,859

2020 Second Quarter Loans: $1.35 Million

2020 First Quarter Loans: $975,000

• Honest Office Cleaning, St. Joseph—Honest Office Cleaning is a carpet cleaning business. 
• Hali-Brite, Ironton—Hali-Brite is a manufacturer and distributor of airfield lighting and equipment.
• Karlsburger Foods, Monticello—Karlsburger Foods is a manufacturer of various soup bases and numerous seasonings.
  
• Rotz Septic and Excavating, Elk River—Rotz Septic and Excavating specializes in the pumping, cleaning, and repairing of septic and holding tanks serving the northern metro area including Elk River, Otsego and the surrounding areas.
• Baby's on Broadway LLC, Little Falls—Baby’s on Broadway is a specialty baby boutique started by Adelle Starin in 2014.
• Mako Store, St. Cloud—Mako Store is a fashion and beauty store located at 108 East St. Germain, St. Cloud. Owner Fartun Jama designs a modest and culturally inclusive clothing line for both men and women. 

2019 Fourth Quarter Loans: $125,000

• Summit Health Partners, Sauk Rapids—Summit Health Partners, LLC 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.
• El Tequila Autentico Mexican Restaurant, Baxter—El Tequila Mexican Restaurant was established by Pedro Unzueta Villanueva in 2008, and is well known in the Brainerd lakes area. The restaurant serves fresh authentic Mexican food for lunch and dinner. They have purchased the former Olive Garden building. 

As a result of these loans, $1.86 million in private financing was leveraged through other lending institutions.

2019 Third Quarter Loans: $1.2 Million

• 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.
• 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.
• 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.
• Distinctive Iron, Elk River—Distinctive Iron is a designer, fabricator and installer of structural and miscellaneous metals. 
• Mako Store, St. Cloud—Mako 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. 
• Gustaf’s Up North Gallery, Lindstrom—Gustaf's Up North Gallery sells an array of fine art and hand-crafted items from artists in Minnesota, Wisconsin and the upper Midwest. The company also sells home décor and gift items, many of which are imported from Scandinavian countries. The company also provides professional framing and interior design services.
• 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.

2019 Second Quarter Loans: $333,250

• 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. 
• 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.
• 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. 

2019 First Quarter Loans: $250,000

• 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 Rapids—Legacy Place, LLC, operates an eight-unit specialized assisted living facility in Sauk Rapids.
• Battery Wholesale, St. Joseph—Battery Wholesale, sells refurbished and new batteries for vehicles, boats and power tools. There are retail locations in St. Joseph, Willmar and Bemidji. 

As a result of these loans, $1.4 million in private financing was leveraged through other lending institutions.