Venture North Receives $25K Grant From Chemical TCF Bank To Increase Access for Entrepreneurs
In January, Chemical Bank (a division of TCF National Bank) awarded Venture North's Business Builder Loan program a grant of $25,000, which will provide loans to businesses in rural and underserved communities.
The loans are intended for businesses requiring smaller amounts of funding or those facing credit or collateral challenges that limit their ability to qualify for a larger loan.
“Giving back to the communities we serve is a primary focus at Chemical Bank and TCF Bank,” said Scot Zimmerman, regional president, northeast region at TCF Bank. “When entrepreneurs grow their businesses, they provide valuable products and services, increase jobs, and build stronger communities. We are proud to support Venture North and the entrepreneurs it serves by supporting the underserved and working to break the pattern of generational poverty.”
This investment from Chemical TCF Bank builds on Venture North's $7 million business lending capacity and strengthens the partnership between the organizations. In addition to the capital investment, Chemical TCF Bank offers a series of free financial education courses and a credit builder product that helps to strengthen or re-establish credit for existing and potential clients.
This first-time investment from Chemical TCF Bank will enhance our existing capital programs. History has proven that a small amount of flexible capital can go a long way with businesses in rural communities. Venture North looks forward to partnering with Chemical TCF Bank to help grow a broader base of entrepreneurs in the region.