Northland Foundation Awarded $686,500 Grant
DULUTH, Minn. – The Northland Foundation has been awarded $686,500 from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund.
The fund supports increased lending activity in low-income and economically distressed communities.
“The Northland Foundation’s business lending is directly tied to our mission to ‘invest in people and communities to support a thriving Northeastern Minnesota,’ and a healthy economy and good jobs are critical to thriving communities,” said Tony Sertich, President of the Northland Foundation.
The Northland Foundation’s Business Finance Program has made 614 loans totaling $64.2 million to businesses in support of jobs and economic development across counties in northeastern Minnesota, since its inception in 1988.
“Rural economies can run a little slower,” Sertich said. “Especially coming out of recession and some of these tough economic times throughout Northeastern Minnesota, especially in the mining industry. It’s swinging back in the right direction, but a lot of times, banks can only go so far and we need to take some of the risk. And that’s where this funding will help us do that.”
The Northland Foundation will look to use some of that funding to support minorities, women, and veteran-owned businesses get added financing.
CDFI awarded a total of $166,291,088 to 224 foundations nationwide.
For more about The Northland Foundation visit www.northlandfdn.org