NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Bethany Wesley, Communications Director
email: bethanyw@nwmf.org
February 5, 2024 (Bemidji, MN) – More than $2.1 million was loaned or granted out into the region from October through December through the Northwest Minnesota Foundation. This three-month timeframe comprises the second quarter of NMF’s fiscal year.
Dollars released by NMF included more than $989,000 in grants to businesses and organizations, nearly $830,000 awarded by local funds within NMF’s family of funds, and $296,000 through loans to small business owners.
Additionally, the Northwest Small Business Development Center, for which NMF serves as host, provided 710 hours of no-cost business consulting hours to 145 clients throughout the region.
The Northwest Minnesota region served by NMF includes two tribal nations (Red Lake Nation and White Earth Nation) and 12 counties (Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake, and Roseau).
MAIN STREET ECONOMIC REVITALIZATION PROGRAM
More than $989,000 in grants was released to businesses and organizations along the Highway 59 corridor and in specific boundaries of East Grand Forks and Bemidji.
These Main Street Economic Revitalization Program grants were funded by the Minnesota Department of Employment and Economic Development to support revitalization projects in the three corridors.
Funding released in this quarter was as follows:
- 11 businesses and organizations in Bemidji
- 11 businesses and organizations in East Grand Forks
- 7 businesses in Mahnomen, Callaway, and Waubun along the Highway 59 corridor
FAMILY OF FUNDS
Through 153 grants approved by local funds, nearly $830,000 was dispersed into Northwest Minnesota. NMF maintains more than 430 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 dispersed through these funds included:
- 41 grants, totaling nearly $234,891, through education funds
- 4 grants, $160,950, through economic development funds
- 25 grants, $125,088, through health care funds
- 19 grants, $97,875, from donor-advised funds, benefitting nonprofits that fit the donors’ interests
- 4 grants, $65,000, through environmental and recreation funds
- 22 grants, $62,700, through community service funds (benefiting local efforts such as senior living, animal shelters, service organizations, churches, and homeless shelters)
- 32 grants, $38,278, through community funds
- 4 scholarships, totaling $35,575
- 2 grants, totaling $9,000, from cultural funds, supporting local music, theater, and arts projects
BUSINESS LOANS
NMF approved 11 loans to nine businesses, totaling $296,000.
These loans included:
- 5 microloans to businesses in Beltrami, Hubbard and Kittson counties within funding through the Small Business Administration
- 4 forgivable child care loans to businesses in Polk and Pennington counties
- 2 loans to businesses in Beltrami and Clearwater counties
