The Initiative Foundation works to create economic
opportunity by lending funds to locally owned businesses.
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.
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.
A Diversity of Financing Programs
The Initiative Foundation offers the following business financing programs to meet diverse regional needs:
- Direct Business Loan Fund: Up to $500,000 for value-added agriculture and manufacturing companies that bring new revenue to communities. Business Finance Fact Sheet
- Technology Capital Fund: Up to $500,000 for emerging high-tech ventures and technologies that increase productivity.
- Green Business Loan Fund: Up to $500,000 for businesses that preserve the environment, reduce energy demands or recycle existing waste streams.
- 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
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.
How to Apply
Initiative Foundation loans are seldom more than 50 percent of a total financing package. Terms require a personal guaranty. The Foundation does not award grants to businesses, nor does it finance alcohol, tobacco, gambling, or pornography businesses.
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 proud to be a member of the Opportunity Finance Network. View our Impact Update for a historic snapshot of business finance activity.