Northwest Minnesota Foundation issues $890,000 in grants and loans during 4th quarter

BEMIDJI — More than $890,000 was loaned or granted out into the region from April through June through the Northwest Minnesota Foundation. This three-month timeframe comprises the fourth quarter of NMF’s fiscal year.

Funds released by NMF included $450,000 through loans to small business owners, more than $256,000 through local philanthropic activities, such as scholarships and grants from local funds; and more than $185,000 through NMF’s mission-driven grant programs, a release said.

Additionally, the Northwest Small Business Development Center, which is hosted by NMF, provided 738 hours of no-cost business consulting hours to 151 clients throughout the region in this same timeframe.

The Northwest Minnesota region served by NMF includes Red Lake and White Earth Nation and Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake and Roseau Counties.

NMF is expected this fall to release its annual Impact Report, which will report more fully on its activities and financials from this recently completed fiscal year.

Through 83 local grants and scholarships approved, more than $256,000 was disbursed into the region. NMF houses around 415 funds within its family of funds, including community funds, donor-advised funds, education funds, scholarship funds, and others. Each fund has its own purpose.

Grants disbursed through these funds included:

• 31 grants through community funds, totaling more than $75,000.
• 20 grants through community service funds, totaling more than $70,000.
• 12 grants through education funds, totaling more than $50,000.
• 8 grants through donor-advised funds, totaling nearly $30,000.
• 4 grants through scholarship funds, totaling $14,000.
• 1 health care grant for $11,000.
• 2 grants through environmental/recreation funds, totaling $3,500.

In this fourth quarter time period, NMF approved eight loans to seven businesses in the region, totaling $450,000.

These loans included:

• 2 loans were approved for businesses in Beltrami and Roseau Counties, with funding provided through the Minnesota Department of Employment and Economic Development Child Care program.
• 2 SBA microloans for businesses in Polk County.
• 2 loans were approved for businesses in Beltrami County.
• 1 loan for a business in Polk County through the DEED Emerging Entrepreneur Loan program.
• 1 low-interest loan was approved for a business in Polk County.

In this fourth quarter time period, NMF approved eight loans to seven businesses in the region, totaling $450,000.

These loans included:

• 2 loans were approved for businesses in Beltrami and Roseau Counties, with funding provided through the Minnesota Department of Employment and Economic Development Child Care program.
• 2 SBA microloans for businesses in Polk County.
• 2 loans were approved for businesses in Beltrami County.
• 1 loan for a business in Polk County through the DEED Emerging Entrepreneur Loan program.
• 1 low-interest loan was approved for a business in Polk County.

To learn more about NMF funds or to speak with a philanthropy officer, visit

www.nwmf.org

and click on “Ways to Give.”