Adams Joins Expanded Business Finance Team
August 20, 2021
Longtime banker to deliver additional resources for rural entrepreneurs
LITTLE FALLS, MINN.--The Initiative Foundation is expanding its capacity to provide regional small business lending with the addition of Doug Adams to the business finance team.
Doug joins Senior Business Finance Manager Dan Bullert on the Foundation’s business finance team, growing the organization’s capacity to provide critical capital to area businesses and nonprofits. Doug’s additional capacity and expertise, along with the Foundation’s recent award of $1.8 million from the Community Development Financial Institutions (CDFI) Fund, equips the Foundation to assist even more current and aspiring small business owners across its Central Minnesota service territory.
“The vision of the Initiative Foundation and its 35-year history of making capital and training available to underserved communities and individuals appeals to me,” said Adams, who spent more than 25 years in the banking industry. Doug most recently served as president of Grove Bank in Grove City. He and his wife relocated from New London to Little Falls.
The Initiative Foundation supports rural small businesses by providing gap loans of up to $500,000 to supplement the capital available from its partner banks and credit unions. The Foundation’s partnerships with lead lenders make possible business expansions and other deals that might not otherwise occur. In addition, the Foundation originates direct loans, including microloans of up to $50,000 to qualified borrowers not yet able to access commercial finance. Since 1986, the Foundation has helped hundreds of Central Minnesota businesses by lending $60 million, leveraging an additional $424 million from partner lenders, supporting the creation or retention of more than 3,000 jobs.
“Doug’s passion for helping rural small businesses and his expertise as a past bank president make him an ideal addition to our team,” said Matt Varilek, Initiative Foundation president. “I encourage our regional lenders to get in touch with Doug and Dan to discuss the ways we can support you and your small business borrowers.”
The Foundation’s business lending and technical assistance is part of its inclusive entrepreneurship portfolio led by Vice President Brian Voerding. Additional programs in this portfolio include the Initiators Fellowship in support of rural social entrepreneurs and the Enterprise Academy, providing assistance to members of historically underserved communities, including persons of color and lower-income individuals.
About the Initiative Foundation
Celebrating its 35-year anniversary in 2021, the Initiative Foundation exists to empower people throughout Central Minnesota to build a thriving economy, vibrant communities and a lasting culture of generosity by offering business financing, technical assistance, nonprofit grants, donor services and leadership training. Since 1986, the Initiative Foundation has invested more than $100 million in targeted grants and loans in its effort to support and diversify Central Minnesota’s economy.