Business Finance Program approves six loans totaling nearly $810,000

The Board of Trustees recently approved financing totaling nearly $810,000 to a half-dozen businesses and nonprofit organizations in the region.

Through its Business Finance Program, the Northland Foundation offers flexible financing to new or existing businesses and nonprofit organizations in the seven-county Arrowhead Region, to help create and retain high-quality jobs and sustain economic vitality.

Since 1988, the program has provided more than $42 million in financing and helped businesses generate or save over 6,000 jobs in northeastern Minnesota.

Citizens for Backus/AB, International Falls
Citizens for Backus is a nonprofit organization that operates a historic school building as the Backus Community Center. Among other updates, office space will be added to one floor and an elevator will be installed. The Center provides the only 1,000-seat auditorium within a 100-mile radius.

Granite Gear, Inc., Two Harbors
Jeff Knight and Dan Cruikshank founded Granite Gear in 1986. The company designs, produces, and markets innovative, higher end outdoor gear including a specialized line of backpacks for military use. Its products are sold in over 650 retail stores in the U.S. and Canada.

Hoberg-Shatto, Inc., Superior, WI
Owned and operated by Philip Hoberg and Justin Shatto, the Hoberg-Shatto Group is a telesales center. The business began operations in January 2009 and has since grown from 10 to 52 employees. With the planned addition of a second shift, its workforce will double.

Occupational Development Center, International Falls
The Occupational Development Center (ODC) provides supportive job opportunities to individuals with disabilities or other barriers to employment. The nonprofit intends to purchase and remodel the building it currently leases in International Falls.

Old Globe Floors, LLC, Superior, WI
Old Globe Floors, LLC, was established in March 2009. The company is launching a unique engineered wood flooring line that uses reclaimed antique old-growth pine from dimension lumber being salvaged from old wooden grain elevators.

Thomas Potter, Inc., Duluth
For nearly 50 years the Fourth Street Market has been the primary grocery store serving the Central Hillside, Observation Hill, and East Hillside neighborhoods. After closing in April 2009, it was recently reopened by new owner-operators, Tom and Judy Potter, who lease the building from the Zeppa Family Trust.