6.1. HANDOUT EDA 05-19-2014 - Laserfiche WebLink

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Economic Development (20)05 First Street 4 Street SE SE & Business Financing Little Falls,MN 56345 Since its inception in 1986, the Initiative Foundation has been involved in economic and community ifound.org development initiatives to support healthy,sustainable community living that includes access to quality jobs. • We partner with community development efforts through training and capacity-building programs as well as grants in support of community planning and projects. • We support economic development through business financing activities designed to create living-wage jobs, diversify local economies and leverage private sector investment. Business Financing Programs The Initiative Foundation's 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 lending institutions better serve local businesses. The Foundation focuses resources on financially sound businesses with clear impacts: • Creation and retention of quality living-wage jobs with benefits • Business contributes to a strong and diversified local economy • Project supports local community's economic development objectives Direct Business Loan Fund Our Direct Business Loan Fund fills the gap in financing packages for new or expanding companies that show potential for quality job creation or retention.Targeted industries include manufacturing,technology-based business sectors and value-added agriculture. (Eligible uses:real estate, equipment and working capital) • Loan amounts of$50,000 to$250,000 • Minimum 50 percent bank or lending institution participation • Subordinate collateral position Technology Capital Fund The Technology Capital Fund supports emerging technology ventures and helps established businesses integrate proven productivity applications into operations.(Eligible uses:Fixed assets, working capital, commercialization of new product launch and productivity-enhancing software systems) • Loan amounts of$50,000 to$500,000 • Primary lender participation if feasible but not required • Flexible terms and collateral requirements • Established businesses, pre-revenue businesses and start-up ventures Green Business Loan Fund The Green Business Loan Fund supports entrepreneurial ventures by financing new or expanding businesses that deliver a product/service that protects or preserves the environment, reduces or recycles an existing waste stream or reduces energy demands/costs. (Eligible uses:real estate, equipment, and working capital) • Loan amounts of$50,000 to$250,000 • Minimum 50 percent bank or lending institution participation • Subordinate collateral position Questions? Contact Us. Find more information,visit ifound.org or contact Dan Bullert, Business Finance Manager, at(320)631-2013 or dbullert @ifound.org. Powering Possible Fqual opportunity lender p,ov aer and employer