The Initiative Foundation partnered with four central Minnesota lenders to provide business financing packages to North Country Mailing & Fulfillment of Brainerd and Meadow Ponds of Pierz.
Both companies are locally owned and will create a total of 32 jobs with "living wages" in central Minnesota, the Initiative Foundation reported.
North Country Mailing & Fulfillment, which specializes in large-volume mailing, binding and fulfillment, relocated to an expanded facility in the Brainerd Industrial Park with financing from the Initiative Foundation, North Central Economic Development Association and Peoples National Bank of Brainerd. Foundation investments will support the creation of 18 full-time, living wage jobs in the next year.
"The Initiative Foundation loan program made it possible for us to expand our business," said business owner Chuck Klein. "We are very grateful for all the support they have given us."
Meadow Ponds, a newly planned assisted living center in Pierz, received financing from the Initiative Foundation, Minnesota Business Finance Corp. and Bank of the West of Little Falls. Foundation investments will support the creation of 14 full-time, living wage jobs in the next year. Owners are Pete and Julie Warnes. The Warneses reported the center's facility will bring in new jobs and help fill a need for area assisted living care.
When construction is completed in the spring, the Meadow Ponds single-story living center will house 20 rental units and common space for dining, exercise and recreation. Residents will receive 24-hour health care monitoring, meals, housekeeping and transportation service.
The Initiative Foundation also provided area business financing to Dust Buster Sandblasting of Crosby.
In a regional effort to create quality jobs and support local business ownership in central Minnesota, the Little Falls-based Initiative Foundation partners with lenders to provide supplementary loans and guaranties for business startup and expansion. The foundation does not award grants to businesses.
For more information about Initiative Foundation business financing programs, call (877) 632-9255 or visit www.ifound.org.
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