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Business Finance

Innovative technologies requiring a high initial
cash outlay can be a challenge to finance. The Business Finance Program often partners with
other lenders to help borrowers invest in
technology to boost their competitive edge.

Business Finance

As a certified Community Development Financial Institution, Northland Foundation's lending is
guided by social as well as financial outcomes.


Supporting entrepreneurship, job creation and retention, and community economic vitality has been a cornerstone of the Northland Foundation's mission. Since 1988, the Business Finance Program has provided $45 million in flexible financing to new or expanding businesses, helped leverage more than $250 million in other investments, and assisted in creating or retaining 6,500 jobs in northeastern Minnesota and Douglas County, Wisconsin.  As an active member of a strong, well-connected network of economic development entities, both public and private, the Northland Foundation works closely with many valued partners to help ensure a thriving future for this region. A summary of the 2010-11 fiscal year Business Finance Program activity follows.

Loan Summary for the Year Ending June 30, 2011

Total Loans and Guarantees


Borrowers Assisted


Total Dollars Leveraged


Jobs Created & Maintained


Total Business Financing Activity


Financing Projects

Northern Lights Building Company, Warba
Big Sandy Lodge & Resort, Inc., McGregor
Wide Open Company, Inc., Grand Rapids
Landsmenn Energy Service Partners, LLC, Duluth
Como Lube & Supplies, Inc., Duluth
B & B Brothers, Inc., Duluth
AG Real Estate, LLC, Duluth
MNSTAR Technologies, Inc., Grand Rapids
Northshore Manufacturing, Inc., Two Harbors
Twin Ports Testing, Inc., Superior
WR Whiteside Equipment, Inc., Hibbing
Points North Consulting, Inc., Duluth
HorizonHCS, Duluth
Gobel Aggregate, Inc., Duluth
A.G. Thompson House, Duluth
Superior Trading Properties, LLC, Duluth
Hovland, Inc., Hermantown
Shel/Don Group, Inc., Duluth
Van Technologies, Inc., Duluth

Technical Advisory Committee

Michael Colclough
M & I Bank
Superior, WI

Dean Fries
Members Cooperative Credit Union

Heather Rand
Minnesota Department of Employment and Economic Development


Pam Sarvela
UMD Natural Resources Research Institute

Steve Schneberger
National Bank of Commerce (Retired)


Steve Utech
Republic Bank


Tom Van Hale

Van Technologies, Inc.


Debra Demianiuk, Beacon Bank, and Bob Palmquist, Northspan Group, retired from the committee during fiscal year 2010-11.