This alternative form of financing covers the gap between what a primary lender is able to bring to a project and what the business or organization needs to cover the total cost of their endeavor. The Initiative Foundation works collaboratively with local financial institutions and economic development partners to start and grow projects that will have a positive economic effect. "As we move into the final quarter of 2015 and look ahead to 2016, our goal is to step up our financing activity with a focus on innovative business startups and nonprofit ventures that have a social impact." Good Help for Good Projects "Large or small, for-profit or nonprofit, our financing programs are bridging the gap to diversify the local economy and create and retain quality jobs," said Kathy Gaalswyk, president of the Initiative Foundation. Combined, these and additional 14-county investments are anticipated to create or retain 171 jobs. Other projects that received business financing support from the Initiative Foundation include C4 Welding, Inc., Sauk Rapids Great Theatre Company, Waite Park Impact Development Group, Mora and Seafood Markets, Baxter. The project is anticipated to retain 10 jobs. ![]() Rotomolding Enterprise Holdings, Swanville: Partnered with a lead lender on a financing package for the purchase of additional equipment at Rotomolding Inc.It's anticipated the project will create and retain nine jobs. J & K Enterprises LLC, which does business as Cold Spring Family Dentistry, Cold Spring: Collaborated with a lead lender on a business expansion and construction project for Cold Spring Family Dentistry.The Melrose store is open for business, and the Browerville store is anticipated to open in November. The project is anticipated to create 20 jobs. MielkeMark LLC, which does business as Adium Oil Company, Inc., Avon: Aligned with the business and a lead lender on a financing package to purchase two gas station convenience stores, one in Melrose and the other in Browerville. ![]() The investment is anticipated to create and retain 14 jobs. Gullview provides nationwide application software and maintenance IT systems transitions and migration quality assurance and technical help desk services. Gullview Technologies, Baxter: Joined with the business and a lead lender to provide working capital and to cover start-up expenses.Year-to-date Initiative Foundation financing partnerships throughout Central Minnesota have leveraged more than $10.3 million in private investment through primary lenders and owner-operator equity contributions.Īmong the Central Minnesota businesses and organizations that have partnered with the Initiative Foundation during the first three quarters of 2015 are: "We focus on projects that generate new wealth for the region and diversify the economy, and we've been very successful in our 2015 financing efforts." "A core strategy of the Initiative Foundation is to invest in businesses that help secure living-wage jobs," said Dan Bullert, business finance manager at the Initiative Foundation. The Initiative Foundation during the first three quarters of 2015 has approved $2.3 million in direct financial investments to support new and existing ventures while helping to create or retain 224 quality jobs in Central Minnesota.
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