The Initiative Foundation (IF) has been helping businesses and individuals through grants, loans and donations for 35 years.

 

Tuesday, IF Business Finance Manager Dan Bullert gave the Sherburne County Board an update on just how much the foundation has helped within the county over the past few years.

 

Bullert said since IF’s inception in 1986, they have received $1.3 million in various contributions from the county and other organizations and individuals in county. 

 

Over the same period, IF has returned $6.3 million of funding to different projects in the county in the form of grants, loans and scholarships. That equates to $5.04 in returns for every dollar invested.

 

From 1986 to date, IF has awarded 406 grants totalling $1.67 million; 350 scholarships totalling $298,625 and 55 loans totalling $4 million. That money leveraged $26 million in private business financing which has led to 623 quality jobs.

 

In 2018, IF received $5,700 from the county and returned funding in the amount of $510,000 in the form of 21 different grants totalling $78,000, seven scholarships totalling $21,000 and three loans totalling $410,000. That funding led to 91 jobs.

 

Bullert said they are just one of a number of partners that make things possible.

 

“We are a gap lender. We’re involved where there’s a lead bank or credit union on the transaction,” he said. “We  come in and partner with other organizations.”

 

A few recent projects partially funded by IF are Clay Leasing  - a new aggregate equipment warehouse facility outside of Big Lake; Lupulin Brewery’s expansion; K&C Foreign Auto Parts - a satellite facility in East St. Cloud, and Orluck Industries - a manufacturing facility in Elk River.

 

He said there are two more substantial projects coming up. One is a potential $50,000 grant to the City of Becker to help fund a comprehensive impact study on the Sherco property.

 

The other is a $25,000 grant for the Hwy. 25 Corridor study. 

 

“Both of those are in the works of being drafted and submitted to our trustees,” said Bullert. “So hopefully in a few weeks time, there will be some additional information.”

 

Commissioner Tim Dolan agreed IF has made big impact in the county. 

 

“We’re thankful for that partnership. I know there’s a laundry list of things you do for the community. In my experience and involvement in those few business loans where you guys came in as a gap lender, I know for a fact some of those, without the Initiative Foundation in coming in and filling that gap, would not have happened,” he said. “Those businesses have a substantial impact here locally and regionally as well.”

 

“It takes a lot of partners to make those projects work,” said Bullert. “We’re happy to be involved.”