The Grand Traverse Regional Community Foundation is the fifth community foundation to invest in its community through Northern Initiatives.
“Impact investing, also known as Program Related Investing, is an important tool to help expand our sources of community impact beyond grantmaking,” said David Mengebier, President and CEO of the Community Foundation. “It also allows us to strengthen the local economy and small business network, which are both critical to regional vitality.”
Other foundations partnering with Northern Initiatives include the Fremont Area Community Foundation, the Petoskey and Harbor Springs Area Community Foundation, the Community Foundation for Muskegon County, and the Grand Rapids Community Foundation.
The investment will be used to make loans to small businesses in the five counties represented by GTRCF – Kalkaska, Antrim, Grand Traverse, Leelanau, and Benzie.
“Northern Initiatives has been supporting entrepreneurs in the area for years, from an early loan to Bob Sutherland at Cherry Republic, to a loan just this month to a store in a food desert near Mancelona,” said Elissa Sangalli, President of Northern Initiatives. “We’re ready to support these hard-working but underserved entrepreneurs as well as support the goals of the region’s Community Development Coalition, which reflect our mission as well – a diversified economy that supports sustainable growth and creates jobs.”