Northern Lights - Issue 43 - July 2026
Expanding the Mission with Partners:
Venture North Region Grows from 10 to 13 Counties
by AMY LANE
For 18 years in 10 northern Michigan counties, Venture North Funding & Development has helped entrepreneurs realize dreams, and small businesses grow.
Now, the financial institution seasoned in assisting with small business needs is expanding into Crawford, Cheboygan and Otsego counties, bringing low-cost loans and no-cost consulting that have furthered the success and prosperity of people, businesses and communities elsewhere.
Putting the Mission to Work in Three More Counties
It’s an entrance being welcomed by community partners like the Northern Lakes Economic Alliance, a Boyne City-based regional economic development organization that has worked with Venture North in some of the four counties the NLEA covers.
“We have very much been an advocate of Venture North expanding into Cheboygan County, so that the NLEA’s entire footprint will have Venture North as a resource,” said Payton Heins, president and CEO of the NLEA, which serves businesses and communities across Antrim, Charlevoix, Emmet and Cheboygan counties. “We see it as another tool that will help businesses succeed.”
The three-county expansion is Venture North’s first since its 2008 inception during the recession. And Laura Galbraith, Venture North president, said the move aligns with the organization’s mission which, as a federally certified Community Development Financial Institution or CDFI, gives priority to helping people and businesses in economically distressed areas that lack access to capital.
In Crawford, Cheboygan and Otsego, there are close to 1,000 businesses in low-income census tracts and Venture North has also been receiving inquiries from county businesses over the last few years, Galbraith said. In addition, there’s promise of strong partnerships with “multiple organizations that serve the region and are very interested in Venture North’s expansion.” And there’s interest from donors “that would like to support business start-up and expansion in these three counties,” she said.
“Venture North’s traditional programs, low-cost lending and no-cost consulting will benefit small businesses in the region,” Galbraith said. “But I also feel our approach is very collaborative and focused on the needs of the community. We will only be successful if we work closely with local partners.”
Partners with Shared Purposes
That’s already been the case at the NLEA, where Venture North’s existing presence in Antrim, Charlevoix and Emmet counties has intersected with the NLEA’s work. The NLEA’s services include helping businesses secure grants and loans for equipment, site readiness, expansion, workforce housing and other needs; assistance with financial incentives that support business location and expansion; and helping businesses connect to site opportunities.
“We are often referring businesses back and forth to each other,” Heins said. “Not in a redundant way, but in a way that I know Venture North…has a financing mechanism to support this particular project…(and) is the best resource for them.”
She said that as the NLEA has worked with Venture North, a primary result “has been introducing more businesses to the low-interest financing opportunities that Venture North provides. Oftentimes there are different layers of financing in any project, and Venture North has been an important piece of that.”
Going forward, Heins said Venture North’s lending assistance will be “a huge asset” in Cheboygan County, opening up “more opportunities for small business in that county.” And she said the expansion is particularly timely in a county hit hard in mid-April by historic flooding and widespread damage from severe storms and heavy rainfall.
Businesses were directly impacted by the flooding and even those that were not may feel its effects, like fewer visitors, she said. In a county with an economy heavily reliant on hospitality and tourism, “a strong summer is very important,” Heins said. “Many businesses could benefit from working capital, bridge loans during this especially challenging time.”
Galbraith said Venture North is ready to assist small businesses. “We were a helpful resource to small businesses during the ice storms last year that impacted Emmet and Charlevoix counties. Our team is ready to help anyone that has struggled during the recent floods in Cheboygan County,” she said.
NLEA and Venture North: Ready to Help Small Businesses
During the winter, the NLEA hosted a Cheboygan small business resources event in which Venture North participated, gaining exposure and introduction to local businesses. “Since that event we’ve been sending a lot of Cheboygan County businesses to Venture North” to explore opportunities for a loan or other resources, Heins said.
She said the NLEA is excited “to continue growing our partnership with Venture North and support their expansion into Cheboygan County so that we can help bring more resources to small businesses in that county.”
An Open Arms Welcome
In Otsego County, Venture North recently presented to the Otsego Community Foundation and “met multiple business owners” at that event, Galbraith said. “We will continue to develop these partnerships.”
Dana Bensinger, executive director of the Gaylord-based Otsego Community Foundation, said the foundation has “been watching the good work of Venture North in surrounding communities, so we were really excited to hear that they were interested in expanding into our community.”
The foundation, which focuses its philanthropy on community needs and opportunities, is currently targeting three areas of high impact work: Advanced training beyond high school; attainable housing; and human services coordination that addresses and meets differing needs and income levels. Venture North’s no-cost consulting and low-interest loans – helping small business owners form connections, strengthen and grow -- can play into the foundation’s vision for community, Bensinger said.
“I’m a big believer that people need people,” she said. “And in a time when we’re so dependent on chat and online technology,” being able to “connect with experts that are going to help our small businesses, which is going to help our people be on a better track,” can “strengthen the whole community.”
Sharing Experiences that Help People in Need
Dana Bensinger, executive director of the Otsego Community Foundation, is excited about the Venture North expansion and believes that the ability to connect with experts will benefit small businesses in the county which, in turn, she feels can, “strengthen the whole community”.
Although Venture North’s entrance to Otsego is new, a relationship formed last year after the region’s early 2025 catastrophic ice storm. At the time in Emmet and Charlevoix counties, the Petoskey-Harbor Springs Area Community Foundation, the Charlevoix County Community Foundation, local chambers of commerce, Venture North and others created an emergency mini grant program to respond to immediate business needs. The Otsego foundation borrowed that program, awarding a grant to the Otsego County Economic Alliance and working with others in Otsego to help businesses impacted by the storm.
The Otsego program awarded grants totaling $50,000 to 70 small businesses, Bensinger said. “It was a morale booster. It really helped keep some businesses going during a time they weren’t planning on.”
Galbraith said she was “really impressed with Dana’s leadership and how the Otsego Community Foundation reacted quickly to the storm. It seems like community and economic crisis is when we all are able to do our best work.” She said she looks forward to continuing to work with Bensinger and the foundation.
Bensinger said the foundation hopes to give Venture North “a warm welcome and introduce them in our community.” And she sees many ways in which the two organizations could work together.
“As we work on our three initiatives, they bring experience and connection from other communities in northern Michigan. Just the expertise they bring to our community, it’s rising tides lift all boats type of things. If small businesses are more successful, meeting the needs of our communities, our communities are strengthened. I think there’s a lot of opportunities for us to work together in the future.”
Success through Collaboration and Awareness
Over the years, Venture North’s impact has spread throughout its footprint. A snapshot: More than 220 loans to northern Michigan businesses, totaling more than $13.9 million and leveraging an additional $35.6 million from commercial lending partners, creating and retaining 1,535 jobs. More than 1,000 businesses aided by consulting services that can remove business gaps hindering growth, from bookkeeping to business planning and financial projections to managing operations and marketing. And a team of professionals who assist clients, expected soon to be joined by an individual serving the new counties. That new local team member will be responsible for community outreach and relationship-building, deploying loan capital and collaborating with all the various partners.
“I would like small businesses to know we are here to help,” Galbraith said. “We also want to be collaborative in addressing community priorities. We know all rural communities are struggling with affordable housing and available day care. Is there a way to utilize Venture North’s low-cost capital to leverage other dollars for these types of projects? Can Venture North connect communities with national or downstate CDFIs that specialize in affordable housing or building day care facilities?”
Tim Rygwelski, executive director of the Otsego County Economic Alliance, said Venture North’s local presence will be important, as will its resources and access to capital.
“Finding financing has been one of the biggest hurdles that small businesses in this area have, so I think them coming to this area is going to be a huge asset,” he said.
“It’s another path forward for small business owners. Right now, in the small business world, what I’ve been seeing…is a lot of uncertainty” on how to start or grow a business, Rygwelski said. What Venture North can provide, he said, “is invaluable.”
The Gaylord-based OCEA is nonprofit organization focused on retaining, expanding and attracting businesses throughout Otsego County. It facilitates connections on business projects, conducts retention visits, helps businesses secure and administer grant funding and provides education, among services. The OCEA has also been a support hub through the Michigan Economic Development Corp. Small Business Support Hub program, providing grants and other assistance to businesses over the last three years.
Building Community Assets Together
Galbraith said local partners like Rygwelski, Heins, Bensinger and others are vital. “They live in these communities and understand the needs of the community,” she said.
In turn, Rygwelski said, Venture North’s outreach and work with local leaders and partners, making connections to community, is an approach that he expects will be well-received.
“Knowing the people on staff, I have full expectations it’s going to be taken very well in the community,” he said.
And Rygwelski sees much opportunity for the two organizations to work together.
“They’re going to be one of the very first recommendations for small business support, (and) I know there’s more than financial assistance they offer. We’re going to lean on them for their resources, and hopefully they lean on ours.
“We’re excited to work together, I think it’s a huge asset for the community and look forward to working with them further.”
Amy Lane is a veteran Michigan business reporter whose background includes work with Crain Communications Inc., Crain’s Detroit Business and serving as Capitol correspondent for nearly 25 years. Now a freelance reporter and journalist, Lane’s work has appeared in many publications including Traverse City Business News.
