National Bank of Commerce (NBC), the area’s largest, locally owned bank, has expanded on its longtime support of the Northland Foundation by providing it with a $500,000 low-interest loan.
The funds will be used for the Foundation’s Business Finance Program to provide flexible financing to small and medium-sized businesses throughout northeastern Minnesota and Superior/Douglas County, Wisconsin.
The Northland Foundation is a mission-driven development lender which partners with commercial lenders to assemble loans that assist businesses to sustain and grow their operations.
“The Northland Foundation is able to make a difference for businesses in this region because of great partners like National Bank of Commerce,” said Northland Foundation President Tom Renier. “NBC’s investment of a half million dollars is a great example of the bank’s commitment to this program and the region as a whole.”
Since the Business Finance Program’s inception in 1988, the Foundation has made more than 400 loans totaling more than $52 million — while also leveraging more than $287 million in additional capital — to support economic vitality through job creation, business start-up, and expansion.
“National Bank of Commerce has been committed to making this community stronger for nearly 80 years, and we’re pleased to expand on that commitment through our participation in the Northland Foundation’s Business Finance Program,” said Steve Burgess, CEO of National Bank of Commerce, which was founded in 1934. “Together, we’re helping provide more good jobs for more good people of the Northland.”
NBC has also made annual contributions since 2002 to the Northland Foundation’s KIDS PLUS Youth Leadership Program, which partners young people with adult mentors in a yearlong Youth Leadership Academy to help sharpen leadership, communication and team-building skills. Since 1998, more than 800 young people and 300 adult mentors have participated in Youth Leadership Academies throughout the Northland.
National Bank of Commerce is headquartered in downtown Superior and also has banks in midtown Superior, Duluth, Hermantown, Poplar and Solon Springs. The Northland Foundation is located at 202 W. Superior St. in downtown Duluth.