5. EDSR 08-14-2006 - Laserfiche WebLink

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~ ~ 1 ~' INITIATIVE The Initiative Foundation is YOUR FO U N DATI O N Regional Economic Development Resource and Partner in Central Minnesota. WHAT WE DO... •:• Provide $3.5 million Gap Financing Annually to Small Businesses • Provide $250,000 Grants Annually to Non-profits & Units of Government to Address Barriers to Economic Development ^ Workforce Development ^ Child Care and Early Childhood Education ^ Affordable Housing ^ Build Capacity of Local Economic Development Organizations BUSINESS FINANCING PROGRAMS Access to capital drives business development and growth. For business start-up and expansion projects, Initiative Foundation Business Financing programs meet the "gap" between the financing a local lender is able to provide and the equity the owner is able to contribute. By offering gap financing to supplement owner equity and taking a position as a subordinate lender, Initiative Foundation business financing programs are a tool to help banks and lending institutions better serve local businesses. As a double bottom line investor in local businesses, the Initiative Foundation focuses resources on quality projects with clear impacts: •:• Creationhetention of quality, living wage jobs with benefits • Business contributes to a strong and diversified local economy • Project supports local community's economic development objectives Initiative Foundation offers business financing programs to meet diverse regional needs: •:• Direct Business Loan Fund • Technology Capital Fund •:• Micro Enterprise Loan Guaranty Fund •:• Seed Capital Fund IMPACTS Since inception in 1986: • 739 business loans and guaranties totaling $26.4 million s• 8,396 jobs created or secured •'• Leveraged more than $145.4 million '~"'"' ""''~ ~" "°"~'"' • in private business investment ~~°~°°°~~~~~^~_~~