INITIATIVE FOUNDATION

Economylending: the initiative foundation deployed 39 economic development and small business loans totaling $5,679,497. The lending program provides capital to underserved entrepreneurs and underinvested communities, from microloans under $50,000 to large gap loans with the potential to exceed $500,000. This flexibility allows the foundation to serve startups to established businesses. Lending is focused on giving entrepreneurs a fair opportunity at wealth-building and creating high-quality jobs and locally owned businesses. The foundation maintains a wholly owned subsidiary, the initiative foundation impact fund, focused on cdfi activities. The impact fund deployed 12 loans totaling $829,528 using initiative foundation staff through a management services agreement. Initiators fellowship: the initiators fellowship is a one-of-a-kind rural social enterprise program serving 53 counties and six native nations in greater minnesota. It is deployed in partnership with the southwest initiative foundation, west central initiative, and northwest minnesota foundation. The program has granted 27 fellowships since inception with participants benefiting from more than $1.5 million in direct program investments ranging from stipends to professional development to mentorship. It has leveraged over $5 million in outside investments. The fellowship has benefited from over 700 volunteer mentoring and advising hours. These greater minnesota leaders are building economies and improving quality of life in their towns by developing purpose-driven businesses and nonprofit organizations.enterprise academy and small business support: the enterprise academy program providesbusiness training, one-on-one technical assistance, and lending tounderserved entrepreneurs. We have served over 5,700 entrepreneurs since 2018. This includes 284 graduates from enterprise academy, a 12-week intensive business training program. In 2024, the program graduated cohorts in the regions of saint cloud, long prairie, and the mille lacs tribal economy. The program is one of the few in greater minnesota dedicated to accelerating the success of underserved entrepreneurs with comprehensive support and training. In 2024, programs provided over 3,600 hours of free one-on-one and group business coaching to more than 440 entrepreneurs.workforce development: attraction, development, and retention of a skilled workforcearea primary interest to employers throughout our region. To support growth and the development of technology, tools and programs to attract and retain skilled workers, the foundation provided funding and other supports for local initiatives, linking funders, educational institutions, and employers.