Recent Loans

Partnering to Diversify the Local Economy

The Initiative Foundation and its Minnesota Initiative Foundation partners are uniquely positioned to drive economic and community change in Greater Minnesota. With a special IRS designation that recognizes lending as a charitable purpose to alleviate poverty and create quality jobs, Initiative Foundation lending is contributing to a diversified economy in Central Minnesota. Loans signified by an asterisk (*) are supported by the Impact Fund, a wholly owned subsidiary. The Initiative Foundation is certified by the U.S. Department of the Treasury as a Community Development Financial Institution. Learn more at cdfifund.gov.

2024 Fourth Quarter Loans: $943,000

  • Platinum Homes, LLC, St. Cloud—The owners of this investment company are purchasing a painting and repair franchise in the St. Cloud area.
  • Firehouse Bar and Grill, Milaca—The new owners are purchasing Jiggers Bar & Grill and renaming it Firehouse Bar and Grill.
  • African Pinkylicious Braiding Salon, Waite Park—African Pinkylicious Braiding Salon updated their signage.
  • Dunias Home Décor, St. Cloud—Dunias Home Décor is a furniture and home decor business in St. Cloud. They are purchasing additional inventory.*
  • Central Towing Service, St. Cloud—Central Towing Service is adding another truck to the fleet.*
  • Yenko, Inc., St. Cloud—Yenko, a shuttle service, is working on a rebrand.*
  • Last Turn Brew Pub, Brainerd—Last Turn Brew Pub is a new pub, operated by Shawn Hopman, next to Ya Sure Kombucha in Brainerd.
  • Persevere Dance Project, Waverly—Persevere Dance Project is a growing dance studio in Waverly. The business is renovating a building in Waverly.
  • One Heartland, Willow River—One Heartland is selling their Willow River camp and hopes to set up a scholarship fund.
  • Viva Tobacco & More, Long Prairie—Viva Tobacco & More is adding a bar and grill in Long Prairie.
  • Mac Daddy’s Donut Garage, Ironton—Mac Daddy’s Donut Garage is a donut and coffee shop in Ironton.

As a result of these loans, $1.4 million in private financing was leveraged through partnering financial institutions.

2024 Third Quarter Loans: $2.9 Million

  • Thunderstruck Exteriors, LLC, Nowthen—Thunderstruck Exteriors is a siding, roofing, gutter and window contractor in Nowthen.
  • Northern Hollow Winery, LLC, Foley—Northern Hollow Winery is constructing a new building in Foley.
  • Libertas Holdings, LLC, Little Falls—This is a project to convert the former Sears building in Little Falls into a medical clinic.*
  • Baby’s on Broadway, Little Falls—Baby’s on Broadway is a baby supply and toy store in downtown Little Falls.*
  • VolTorc, LLC/Mojo Marine—VolTorc will purchase Lakes Area Repair in Jenkins. The company does mobile marine repair and snowmobile repair and maintenance.
  • Due North Car Wash, St. Michael—Due North Car Wash will be adding a location in St. Michael.
  • Eagle’s Healing Nest, Sauk Centre—Eagle’s Healing Nest is a nonprofit serving veterans in Sauk Centre.
  • Addlor, LLC, Waite Park—Addlor manages a commercial building with leased spaces in Waite Park.
  • Laari Media Group, LLC, St. Cloud—Laari Media Group will be purchasing camera equipment to expand the business.*
  • Caring Hearts Senior Community, LLC, Pequot Lakes—Caring Hearts Senior Community is a 15-room assisted living and memory care facility in Pequot Lakes.
  • Credent Care, LLC, St. Cloud—Credent Care is purchasing two apartment buildings for those utilizing their mental-health services.*
  • White Box Marketing, Brainerd—White Box Marketing, a full service marketing company, is renovating a building in Brainerd as a new office location.

As a result of these loans, $19.2 million in private financing was leveraged through partnering financial institutions.

2024 Second Quarter Loans: $1.65 Million

  • Viva Tobacco & More LLC, Long Prairie—Viva Tobacco & More will be adding apartments above the location.*
  • Loscheider Helicopter, Inc, Wadena—Loscheider Helicopter does aerial firefighting work.
  • Northern Oaks Events, LLC, Sauk Rapids—Northern Oaks Events is an event center in Sauk Rapids.
  • BT Diesel Performance & Repair, LLC, Rice—BT Diesel Performance & Repair does diesel mechanic work.
  • Nourish Now, LLC, St. Cloud—Nourish Now, LLC is an Eastern African catering business.
  • Cold Spring Dental Arts, LLC—Cold Spring Dental Arts makes dental restorations. The owner is purchasing the building.
  • Credent Care, LLC, St. Cloud—Credent Care is purchasing two apartment buildings for those utilizing their mental-health services.*
  • Happy Tails Daycare & Boarding, LLC, Ironton—Happy Tails Daycare & Boarding is opening a doggy daycare.
  • Backroad Meats, Milaca—Backroad Meats added a retail location along Highway 169.
  • Jupiter Moon Ice Cream, St. Joseph—Jupiter Moon Ice Cream is adding a location at Munsinger Clemens Gardens.
  • Lucky Charms Childcare and Preschool, Maple Lake—Lucky Charms Childcare and Preschool is building a facility in Maple Lake.
  • Integrity Auto Glass, Little Falls—Integrity Auto Glass is purchasing additional equipment.
  • Middleville Crafts, LLC, South Haven—Middleville Crafts is purchasing the Annandale Embroidery Shop.*
  • MM Basketball Training, St. Cloud—MM Basketball Training will operate a basketball workout facility.
  • McPete’s Sports Bar & Lanes, Big Lake—A current employee is buying McPete’s Sports Bar & Lanes, a bowling alley and sports bar.
  • Milaca Meats, Inc.—Milaca Meats operates be a full-service meat shop.
  • TB Industries, Inc., Ostego—TB Industries, Inc. makes roll-off covers and dumpster products. They will be expanding into Monticello.
  • Sunken Ship Brewery, Princeton—Sunken Ship Brewery will be doing building improvements.
  • Iron Horse Trading Co., Albany—Iron Horse Trading Co. will be opening a new shooting and shooting-sports store.
  • Lakeside Center, LLC, Pine City—Lakeside Center will be remodeling a building for housing for Pine Technical and Community College students.

As a result of these loans, $10.8 million in private financing was leveraged through partnering financial institutions.

2024 First Quarter Loans: $963,000

  • Asha Beauty, LLC, St. Cloud—Asha Beauty is a boutique in Crossroads Mall.*
  • Backroad Meats, Milaca—Backroad Meats is a full-service butcher and meat sales store. They recently added an additional retail location.
  • Bridges of Hope, Brainerd—Bridges of Hope, a service organization, purchased a commercial building in Crosslake for a thrift store.
  • KB Manufacturing Company, Inc., Cold Spring—KB Manufacturing Company purchased United Packaging, Inc. in Crosby.
  • Yenko, Inc., St. Cloud—Yenko is an airport shuttle transportation business.*
  • Mogadishu Meat & Grocery, Inc., St. Cloud—Mogadishu Meat & Grocery is a grocery store that also includes clothing, money servicing and electronic shops.*
  • Queen of Soul Food, LLC, St. Cloud—Queen of Soul Food will be a future restuarant serving southern-style food.*
  • Rainbow Hair Hats, LLC, Verndale—Rainbow Hair Hats are jersey hats that cover media materials and wires used for epilepsy testing.
  • Royalty Care, Inc., St. Cloud—Royalty Care is a home healthcare business.*

As a result of these loans, $11.2 million in private financing was leveraged through partnering financial institutions.

 

2023 Fourth Quarter Loans: $937,059

  • SuSu Clothing & Jewelry, LLC, St. Cloud—SuSu Clothing & Jewelry is a clothing and jewelry store.*
  • Bridges of Hope, Brainerd—Bridges of Hope is purchasing a thrift store.
  • ILT Studios, LLC, St. Cloud—ILT Studios, a startup studio, is launching a training program for transportation entrepreneurs.
  • Senor Elote Y Mas, LLC, Melrose—Senor Elote Y Mas offers Mexican snacks, beverages and street corn.*
  • Loscheider Helicopter, Inc., Wadena—Loscheider Helicopter offers aerial firefighting and crop spraying services.
  • The Spot for Drinks and Dining, Belgrade—The Spot for Drinks and Dining is a bar and restaurant.
  • D&E Real Estate, LLC, North Branch—D&E Real Estate will be building a 40-unit assisted living facility in North Branch.
  • Rainbow Wellness Collective, Inc., St. Cloud—Rainbow Wellness Collective is a newly created nonprofit purchasing a building in downtown St. Cloud.
  • Seedow Logistics, LLC, St. Joseph—Seedow Logistics provides transportation services. Owner Omardahir Hassan would like to purchase a new truck.*
  • More Than Sprouts, LLC, Pine City—More Than Sprouts is a grocery store in Pine City. The loan will assist with purchasing a larger building and additional equipment.

As a result of these loans, $10.14 million in private financing was leveraged through partnering financial institutions.

 

2023 Third Quarter Loans: $601,688

  • CN Ostego Properties, LLC—CN Ostego Properties will operate an automated car wash in Ostego.
  • Clayon’s Auto Repair, Brainerd—Clayon’s Auto Repair is opening an automotive repair business.
  • Backroad Meats, Milaca—Backroad Meats is building a retail store on Highway 169.
  • Area 56 Dance Studio, St. Cloud—Area 56 Dance Studio is a dance business moving to a permanent space in St. Cloud.
  • Cowgirl Tuff, Cokato—Cowgirl Tuff is a women’s clothing line based on Cokato.
  • Kabirow Logistics, LLC, St. Cloud—Kabirow Logistics is a trucking business owned by Abdimahat Kabirow.
  • Ocean Logistics, LLC, St. Cloud—Ocean Logistics is a trucking business owned by Hassan Nuur.
  • Samatar Wireless, Inc., St. Cloud—Samatar Wireless is a retail cellular business in St. Cloud.*
  • Central MN Elite Wrestling, Albany—Central MN Elite Wrestling is launching a nonprofit in Albany.

As a result of these loans, $6.5 million in private financing was leveraged through partnering financial institutions.

 

2023 Second Quarter Loans: $799,000

  • Four Seasons of Winnie—Four Seasons of Winnie is a resort in Bena.
  • Valley View of Long Prairie—Valley View of Long Prairie is an assisted living facility in Long Prairie.
  • Schultz Family Lumber—Schultz Family Lumber took over ownership of Pete’s Lumber in Bertha.
  • T&C Excavating—T&C Excavating serves Cass County area with excavating services.
  • In the Woods Campground—In the Woods Campground operates a campground near Leech Lake.
  • Anisa Hagi, LLC—Anisa sells affirmation cards, journals and posters.
  • Lemperes Building & Remodel, LLC—Lemperes Building & Remodel, LLC is a residential and commercial contractor.
  • M&T Properties—M&T Properties operates Hillcrest Family Restaurant in Albany.

As a result of these loans, $1.3 million in private financing was leveraged through partnering financial institutions.

 

2023 First Quarter Loans: $391,550

  • Victory Plus Housing, LLC, St. Cloud—Victory Plus Housing provides safety, security, serenity, and sober transitional housing.
  • No Limit Painting, St. Cloud—No Limit Painting provides painting experiences and classes.
  • Barber Hussle the School, LLC, St. Cloud—Barber Hussle the School is a future barber school in St. Cloud.
  • National Inspection Academy, Pillager—National Inspection Academy will operate a nonprofit technical career school providing technical education in Nondestructive Testing (NDT), Construction Material Testing (CMT) and preparation training for recognized inspection industry technical certifications.
  • DRM Veterinary Group, LLC—DRM Veterinary Group is a veterinary practice in Rice.
  • Jules’ Bistro, St. Cloud—Jules’ Bistro is a restaurant in St. Cloud.

As a result of these loans, $1.5 million in private financing was leveraged through partnering financial institutions.

2022 Fourth Quarter Loans: $426,000

  • Anisa Hagi, LLC, St. Cloud—Anisa sells affirmation cards, journals and posters.
  • HH Stables, Princeton—HH Stables is purchasing Gordan Training Center, a boarding and training facility for horses.
  • GroShed, Emily—GroShed builds an indoor hydroponic gardening shed.
  • Karel’s Hardware, Isle—Karel’s Hardware is a hardware store in Isle.
  • Klar’s Cleaning & Restoration, Hinckley—Klar’s Cleaning & Restoration will serve as a ServPro franchise.
  • D.T. & M Property Management Corp., St. Cloud—D.T. & M Property Management is remodeling a future cultural mall.
  • Jules’ Bistro, St. Cloud—Jules’ Bistro is a restaurant in downtown St. Cloud.

As a result of these loans, $2 million in private financing was leveraged through partnering financial institutions.

2022 Third Quarter Loans: $643,225

  • Selvin Merida, Staples—Merida owns a beekeeping business in the Staples area.
  • K & R Custom Meats, Mora—K & R Custom Meats is a meat market located in Mora.
  • Savanna Prairie, Inc., Kimball—Savanna Prairie is an assisted living facility in Kimball.
  • Dalal Logistics, St. Cloud—Dalal Logistics is a transportation business in the St. Cloud area. Mohamed will be purchasing another truck.
  • Mac Delivery, Inc., St. Cloud—Mac Delivery is a transportation business in the St. Cloud area.
  • Cloud Property, LLC, St. Cloud—The owners of this holding company also own Advantage 1 Insurance. They are purchasing the building.
  • Bridge Healing Center, LLC, St. Cloud—Bridge Healing Center is a culturally-specific mental health and addiction services business.
  • Sota Car Wash, LLC, Monticello—Sota Car Wash operates a dual-belt conveyor system car wash in Monticello.
  • DRM Veterinary Group, LLC, Rice—DRM Veterinary Group is expanding its current footprint.
  • Amina Express, LLC, St. Cloud—Amina Express, LLC is an over-the-road trucking company.
  • The Sanctuary, Crosby—The Sanctuary is a seven-room boutique hotel in Crosby.

As a result of these loans, $5.6 million in private financing was leveraged through partnering financial institutions.

2022 Second Quarter Loans: $1.04 Million

  • GroShed, Emily—GroShed builds an indoor hydroponic gardening shed.
  • Cartfull, North Branch—Cartfull is a retail discount store in North Branch.
  • Holdingford Hardware, Holdingford—Headley Hardware was an existing hardware store that has been purchased and renamed Holdingford Hardware.
  • Chevys Pit, St. Cloud—Chevys Pit is purchasing a food trailer to use for catering and pop-up food truck-like stops in the greater St. Cloud area.
  • Little Falls Bowling Center—Little Falls Bowling Center offers 16 lanes of bowling, a full bar and pizza.
  • Rizzy’s on the Lake, LLC, Osakis—Rizzy’s on the Lake is being remodeled to serve as a cabin rental resort on Lake Osakis.
  • Baby’s on Broadway, Little Falls and St. Cloud—Baby’s on Broadway has opened a second location in St. Cloud.
  • Senor Elote Y Mas, LLC, Melrose—Senor Elote Y Mas will open a restaurant in Melrose.
  • Northern Oaks Events, LLC, Sauk Rapids—Northern Oaks Events is an event destination located outside of Sauk Rapids.
  • Powderlodge — Miller Marine, St. Cloud—Miller Marine is being purchased by Powderlodge — Miller Marine.

As a result of these loans, $22.1 million in private financing was leveraged through partnering financial institutions.

2022 First Quarter Loans: $1.2 Million

  • Northern Edge Decor, Pequot Lakes—Northern Edge Decor is a retail home decor store.
  • Backroad Meats, Milaca—Backroad Meats is a butcher shop and meat market.
  • Lam’s Tax Service, St. Cloud—Lam Tax Service is an accounting and tax preparation firm. Read Chuol’s business story.
  • Schneider Industries, LLC, Center City—Schneider Industries is an underground utility and excavation business.
  • Cozy Bay Resort, Nisswa—Cozy Bay Resort, Nisswa is a family-owned resort on Lake Edward in Nisswa.
  • LBT Concrete, Royalton—LBT Concrete is taking over the operation of Southside Sand & Gravel.
  • Minnesota T’s, Brainerd—Minnesota T’s was purchased by long-time employee Cat Hanson.
  • Arroy, St. Cloud—Arroy is a restaurant in the former Sawatdee location in downtown St. Cloud.
  • Higher Works Collaborative, St. Cloud—Higher Works Collaborative is purchasing a four-unit apartment building to be used as a sober house.
  • Greater Northern Capital Fund II—Greater Northern Capital Fund is an early-stage venture capital fund managed by Greater North Labs.

As a result of these loans, $54.2 million in private financing was leveraged through partnering financial institutions.