NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT:
Bethany Wesley, Communications Director
Email: bethanyw@nwmf.org
AUGUST 14, 2023 (Bemidji, MN) – 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.
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 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).
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.
BUSINESS LOANS AND SUPPORT
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 counites, 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.
PHILANTHROPY (COMPONENT AND COMMUNITY FUNDS)
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
MISSION-DRIVEN GRANTS
Through discretionary mission-driven grants, NMF approved more than $185,000 in grants.
Approved grants included:
- Nearly $80,000 in child care grants funded through the Governor’s Emergency Education Relief fund, supporting child care providers in providing additional services such as mental health services and supports, social-emotional learning, learning enrichment programs, and more.
- $40,000 to support three housing projects, one championed by the Headwaters Regional Development Commission, one by the City of Thief River Falls, and one through the Northwoods Habitat for Humanity.
- $20,000 to support a new business incubator in Red Lake Nation.
- $20,000 to support the Obimindwaa program in Red Lake Nation, providing families with outdoor equipment for outdoor activities.
- $20,000 to support partner agencies in the Racial Equity Accountability Project, an initiative aimed at reducing racial disparities in the homeless response system.
- $10,000 to support staffing needs at a cultural event center in Park Rapids.
To learn more about NMF, please visit www.nwmf.org