NORTHEASTERN MINNESOTA — The Northland Foundation has been awarded a $520,000 grant from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). “Once in the door, the funds will be available immediately for lending to start-ups and existing businesses in the seven counties we serve in northeastern Minnesota,” stated Michael Colclough, the Northland Foundation’s director of business finance.
The Northland Foundation was one of three certified CDFIs in northeastern Minnesota awarded funding, including the Entrepreneur Fund and One Roof Community Housing.
“Between our three organizations, nearly $1.9 million in federal funding will be available for nontraditional lending in northeastern Minnesota communities at a time when the need is great,” added Colclough.
For more details about the Northland Foundation’s Business Finance Program, potential borrowers or lending partners are encouraged to visit www.northlandfdn.org.