WASHINGTON--Congressman Jim Oberstar announced today that the Northland Foundation, a private non-profit foundation in Duluth, will receive $750,000 from the U.S. Department of Treasury’s Community Development Financial Institutions Program.

The Northland Foundation is a regional foundation created in 1986 to address the economic, social and human needs in the seven counties of Northeastern Minnesota. The Northland Foundation has been engaged in business financing since 1988. Program investment activities of the Northland Foundation are carried out through several loan programs and a grant program. In particular, the Asset Building Loan Fund provides business loans up to $500,000 to businesses that are both creditworthy and meet certain social goals that extend beyond basic employment outcomes. The CDFI Fund’s $750,000 capital grant will help the Northland Foundation provide additional loans through this program.

"I am very pleased that the federal government recognized the great service that the Northland Foundation provides to Duluth and the rest of northeastern Minnesota. The Northland Foundation has been an engine for job creation, and these additional funds will create even more jobs and add to the region’s pool of entrepreneurs," Oberstar said. "I’ve worked hard over the years to find ways to create jobs in northeastern Minnesota, and I commend the Northland Foundation for the fine work it has done to assist individuals and businesses in creating economic opportunities."

"This CDFI grant will certainly enable the Northland Foundation to significantly expand the size of the Asset Building Loan Program," said John Elden, Northland Foundation’s Loan Program Manager. "That will enable us to serve many more businesses and have a greater impact on the lives of those employees – particularly low-income employees."