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in the Upper Peninsula (U.P.) and northern Lower Peninsula of Michigan, as well as the five Wisconsin counties that border the U.P.
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 also work with the SBA 504 program to package these loans for our customers and are an approved USDA Business & Industry Guaranty approved lender.
Loan Terms and Interest Rates –
Northern Initiatives interest rates, while very comparable to local bank rates may be slightly higher, reflecting the level of risk associated with individual transactions. Loan amounts range from $2,000 to $500,000 with closing costs generally in the 1-2% range (plus all out-of-pocket expenses). Terms are generally tied to the planned use of funds borrowed and can range from one to seven years.
Click here to download a loan application >>>
Northern Initiatives provides loans for:
- Start-up capital
- Working capital
- Commercial real estate
- Inventory
- Facilty expansion
- Equipment upgrades
- Technology enhancements
- Business acquisitions
Business Development Services –
As a Northern Initiatives loan customer you are eligible for a wide array of business assistance services. In consultation with staff, a program of technical assistance is designed to help customers implement best practices. Topics include but are not limited to:
- Bookkeeping
- Computer software training
- Marketing and promotion materials
- Market research
- Website development
- Manufacturing process improvement
Loan applications should contain the following information:
- Cash Flow Projections
- Business Plan
- Loan Application
- Personal Financial Statement
- Business Tax Returns or Financial Statements (For existing businesses only)
Click here to download a loan application >>>
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