TRAVERSE CITY, Mich. — An organization that promotes business expansion in Michigan’s northwestern Lower Peninsula has received two $500,000 loans.
Rotary Charities of Traverse City and Chicago-based Northern Trust made the loans to Venture North Funding & Development, the business financing and support division of a regional economic development organization called TraverseCONNECT.
The transactions will expand Venture North’s lending capacity above $6 million. Venture North operates lending programs providing business expansion and growth capital in a 10-county area.
The organization recently obtained certification from the U.S. Department of Treasury that expands Venture North’s ability to partner with financial institutions and other nonprofits.