Mission Statement

Established in 1985 to find innovative ways to enhance the regional economy, Northern Initiatives first functioned as an academic department at Northern Michigan University (NMU).  In 1992, NMU entered into a unique partnership with ShoreBank Corporation, a community development bank headquartered in Chicago, to re-form Northern Economic Initiatives Corporation as a not-for-profit community development corporation.  Its purpose would be and continues to be that of serving the Upper Peninsula of Michigan by working to improve its economic conditions and develop its communities.

Today the corporation has assets of over $11.6 Million and a staff of sixteen.  It receives its governance from a 16-member board of directors comprised of representatives of NMU, ShoreBank Corporation and leading members of the business and manufacturing community. Our service area has grown to encompass the 15 counties of Michigan's Upper Peninsula, 29 counties in the northern Lower Peninsula and the 5 Wisconsin counties that border the U.P.

Northern Initiatives provides business development services to over 200 companies annually and has issued $20 Million in loan funds to customers since 1994. In addition to the technical assistance services that compliment our lending services, NI provides a wide range of business consulting services. We are affiliated with the National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership program in Michigan.

Present research and development efforts include work with secondary wood manufacturers to identify new and expanded or alternative markets for residual materials and as a cooperative partner supporting efforts to promote nature tourism in the region.

Northern Initiatives Board of Directors

Appointed by Northern Michigan University:
Dr. Alfred Joyal III - NI Board Vice President, Special Assistant & President of Economic Development, NMU
Dr. Michael J. Roy - NI Board Treasurer - Special Projects Consultant, NMU
Dr. Rajib Sanyal - Dean W.L. Cisler College of Business, NMU
Mr. R. Gavin Leach - VP of Finance and Administration, NMU
Vacancy

Appointed by ShoreBank:
Mr. Ron Grzywinski - Chairman and Chief Executive Officer, ShoreBank Corporation
Ms. Mary Houghton - NI Board Secretary - President, ShoreBank Corporation
Mr. Stephen C. McConnell - NI Board Chairman - Senior Advisor, ShoreBank Corporation
Mr. Charles Van Loan
Ms. Dione Alexander - Site Director, Nonprofit Finance Fund

Self-perpetuating:
The Rt. Rev. Thomas K. Ray - NI Board Assistant Treasurer
Ms. Jill W. Bentgen - NI Board Assistant Secretary - President, Mackinac Straits Fish Company
Mr. John Mcknight - Co-Director, Asset Based Community Development Institute
Mary Fowlie - President & CEO, Compliance Results Associates, PLLC
Jane Sherzer - President, Michigan Certified Development Corporation

Mr. Dennis J. West - NI Board President - President, Northern Initiatives, Ex Officio

A unique partnership

The strength of a globally recognized community development bank, of a high-ranking educational institution, and of a regional community development corporation all working toward a common goal is realized on a regular basis through the successes of our customers.

Profiling our affiliates

ShoreBank Corporation's mission is to increase economic opportunities in traditionally underserved urban and rural communities.  Northern Initiatives is one of a small hand full of other ShoreBank’s non-profit affiliates spread nation-wide. At the heart of theirs and therefore, our business operations is the belief that we can change communities for the better by matching the determination and vision of local residents with the financial resources they need to fuel their dreams.

“The strength of our unique partnership.”

Located in Marquette, Michigan, Northern Michigan University was founded in 1899 as Northern State Normal School, its primary purpose being the education of teachers. Today its vision is to become the university of choice in the Midwest for students seeking to receive individualized attention from a high-ranking faculty delivering a quality academic program in a high tech learning environment. Northern Michigan University offers 180 academic programs and through its colleges of Arts and Sciences, Behavioral Sciences, Human Services and Education, Business, Graduate Studies, Nursing and Allied Health Sciences, and Technology and Applied Sciences.

“NMU’s continuing commitment to regional economic development.”

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Associations and memberships

Opportunity Finance Network is the leading network of private financial intermediaries identifying and investing in opportunities to benefit low-income and low-wealth people in the U.S. Our financing delivers both sound financial returns and real changes for people and communities. Opportunity Finance Network originated more than $11 billion in financing in non-conforming urban, rural, and reservation-based markets through 2005. This has generated or maintained 170,693 jobs; 35,441 businesses; 484,943 housing units; and, 5,153 community facility projects. With cumulative net charge-off rates of less than 1%, we have demonstrated our ability to lend prudently and productively in unconventional markets often overlooked by conventional financial institutions.