Are you seeking a grant, loan, or another type of funding? There are many options available in our region. In addition to banks and governmental entities, there are also other types of lenders you might not be aware of within Minnesota, Wisconsin, and throughout the Upper Midwest.
Here are a few examples that we often point people toward:
- SBA Loans: No matter where you’re located, Small Business Administration loans are one option for businesses. The SBA offers many different types of loans, such as the 7(a) program and the 504 program. We can help you through the whole process, from learning about new SBA loans to qualifying for SBA loan requirements.
- State Small Business Credit Initiative: Members and first descendants of the Bois Forte Band of Chippewa, the Fond du Lac Band of Lake Superior Chippewa, and the Grand Portage Band of Lake Superior Chippewa can apply to receive support for the SSBCI from the Driving Access to Wealth & Networks program, which can also direct you to many other types of funding for entrepreneurs and businesses.
- Duluth 1200 Fund: The Duluth 1200 Fund provides incentive loans to business expansions and relocations within the City of Duluth with the intention of creating new jobs. Options through the 1200 Fund include a general loan program, an advance loan program, a mentorship loan program, a pay for performance incentive, and child care loan programs.
There are many more examples out there. For instance, when we consider lenders, we often think of banks. But there are lots of other types of lenders. We run the Non-Traditional Lenders Forum event series to help raise awareness of what’s available. Lunch is free—just be sure to register in advance to meet with organizations like the Northland Foundation and the Entrepreneur Fund.
Think of Northspan as a hub for regional funding sources. We can put you in contact with many different sources for direct or indirect funding depending on what type of financing you’re looking for. Our expertise is primarily based on working with partners throughout northeast Minnesota and northwest Wisconsin, but we can probably point you in the right direction whether you’re seeking funding in the Northland or elsewhere.
We also offer many services related to grants and loans. For instance, we partner with communities and financial institutions to expertly package loan and grant applications. We also design loan fund services to better serve the needs of our region.
Don’t hesitate to reach out if you’d like more information. Check with Zack Filipovich at zfilipovich@northspan.org or Doug Bremer at dbremer@northspan.org, or call us at (218) 481-7737 to get started with your next funding project.