Swanson Joins Foundation’s Business Lending Team

The Initiative Foundation has announced that Tim Swanson will serve as business finance manager with the organization’s business lending program. Swanson joins Doug Adams, Impact Fund finance manager, as they work throughout Central Minnesota to create economic opportunity by lending funds to locally owned businesses.

In 2023, the Foundation issued 36 loans to small businesses for a total of $3.3 million. That effort helped to leverage more than $20 million in regional investments from other financial institutions. Since its founding in 1986, the Initiative Foundation has made more than $66 million in loans, which has helped create or retain nearly 15,000 jobs. The Foundation is a Community Development Financial Institution, or CDFI, and provides access to capital and support to borrowers who may otherwise face barriers.

Swanson has had a successful career in commercial banking in the Brainerd and Twin Cities areas. He and his wife, Theresa, moved to the Brainerd Lakes area in 2018. Originally from St. Paul, Tim earned his undergraduate degree from Gustavus Adolphus College and his master’s of business administration in finance from the University of Minnesota.

“I joined the Initiative Foundation because my background and passion align with the Foundation’s mission, and I wanted to become part of the outstanding team,” Swanson said. “I look forward to working with business owners from across the 14 counties and two Native nations of Central Minnesota to bolster their businesses so we can all work together to build a vibrant economy.”

“Tim’s expertise in lending and his passion for serving the region makes him a great fit,” said Brian Voerding, Initiative Foundation president. “We are excited to tap his experience to grow our lending and continue to help businesses in our region thrive.”