Do you need capital to start a new business?
Is your business expanding?  Adding a new product line? 
Does your business need to finance new equipment? 

Northern Initiatives loan program has the funding necessary to assist small businesses get started, grow and provide jobs in rural communities in Michigan.  Since 1994, Northern Initiatives has made over 490 loans to small businesses in Michigan totaling over $28,000,000, with an average loan of $57,000.  Loans are particularly tailored for businesses that, for whatever reason, have found it difficult to meet traditional lending institution requirements. Northern Initiatives offers its lending services to businesses located in the Upper Peninsula (U.P.) and Northern Lower Peninsula of Michigan, as well as the five Wisconsin counties that border the U.P.  Service Area Map

Start-ups and fast growing businesses are among the most common types of businesses that benefit from our lending program, but Northern Initiatives also offers a wide range of loan packages designed to meet diverse business needs, whether they originate from small entrepreneurs or large manufacturers. Loans can be freestanding or made in conjunction with funds from local banks to complete a larger financing package (subordinated debt).

We are an approved USDA Business & Industry Guaranty approved lender.

Loan Terms and Interest Rates
Northern Initiatives interest rates will be slightly higher than traditional bank rates, reflecting the level of risk associated with transactions that don’t meet traditional bank financing criteria. Loan amounts range from $2,000 to $250,000 with closing costs generally in the 1-3% range (plus all out-of-pocket expenses). Terms and amortizations are generally tied to the planned use of funds borrowed and the collateral.