Innovative Fund Announced to Support Emerging Entrepreneurs

Posted by Lake Superior Community Partnership on November 21, 2013

Marquette, MI – November 21, 2013 – Lundin Foundation, Eagle Mine and Northern Initiatives announced today a new program to benefit area entrepreneurs. The newly created Eagle Emerging Entrepreneurs Fund (Fund) is an innovative partnership with the objective to enhance the accessibility and affordability of loans and technical assistance to micro- and small enterprises in Marquette County.

The Eagle Emerging Entrepreneurs Fund will be managed by Northern Initiatives, who will be responsible for assessing and approving eligible loans.  The Fund will provide a total of $750,000 for start-ups and existing businesses. Loans may take the form of unsecured working capital or asset finance and will generally range from $5,000 – $50,000 with repayment periods of up to 5 years.

“By partnering with a well-established local organization like Northern Initiatives we’re able to leverage our commitment to strengthening the region’s economy”, stated Paul McRae, Senior Vice President Projects at Lundin Mining Corporation.

“What this Fund does is support new insights and learning by Northern Initiatives.  It gives us an expanded ability to fill capital gaps in this market,” said Dennis West, president of Northern Initiatives.

For the complete release click here.