Musings from the Month
When NI President Dennis West first arrived 20 years ago, he says, “I had a couple of meetings where I was told that what we do wasn’t needed. Since being given that advice, we have done about 950 loans (and over 1,000 since Northern Initiatives started) and partnered with those who gave that initial advisement.”
Opportunity is a very important thing in America. The ways to build wealth are fairly limited; buy a home, get as much education as you can, save or own a business. We are in the business of taking a rare and precious thing, supporting those who have the attitude and aptitude to grow a business and seeing how we might help. We do that by offering money and know how.
We were created to build a more diverse and resilient U.P. economy and that has been the location for over 70 percent of our loans. Underlying that strategy is a value, which is to expand opportunity to those who need a boost to get there. It is a great business to be in and field of which to be a part.
New Data and Information
There are two things to share on the data sheet for October.
First, all of the counties have new poverty rates that come from the Census estimate. Then, of course, there are the jobless rates for the month. Michigan went up and Wisconsin went down. Jobless rates increased in only seven of the counties that we review, and remained the same as September in nine counties.
How Northern Initiatives Fared Through October
We have now done more than 10 loans in 22 counties and we are just a hair under $1M in loans made in two counties, and over $1M in 17 counties. This year, it looks like Chippewa County will be the County of the most loans (nine to date), and Iosco County the most dollars loaned (over $400,000).
In the News…….
Northern Initiatives was featured in the Traverse City Business News – 12/04/2017. Microloans Create $2.5 Million Local Footprint: Northern Initiatives Steps in When Banks Can’t.
Loans Closed in October
Red’z in Marquette
The Marquette Chamber of Commerce, Ampersand Co-Working Project
C-47 in Marquette
Teals Supply in Delta County
Ottawa Forest Products in Iron County
Wind River Hardwoods in Ogemaw County
Echo Salon in Kent County
Yang’s Oriental Food Store in Isabella County
S. L. Hanley Enterprises in Otsego County
Please consider Northern Initiatives in your year-end giving.
Many of our loan programs require that we contribute local match. Match is something everyone can help support. Help us get on our way to our next 500 microloans, meet our match requirements and support growing numbers of small businesses. Please click here to give a gift today. Thanks!
“We are thankful Northern Initiatives came through for us because as young entrepreneurs starting a new business, we didn’t qualify for a traditional loan. Without Northern Initiatives, we wouldn’t be where we are today.” Brice Sturmer – Velodrome Coffee Co., Marquette (Pictured Left)
“Northern Initiatives’ assistance was absolutely critical in helping us to complete our financing package for a new startup restaurant in Marquette Township. Their loan program helped to fill our financing gap and allowed our customer to fulfill their dream of owning their own business. Today the business is thriving and offers employment to 11 people.” Todd Horton – River Valley Bank, Marquette (Pictured Right)