The Northland Foundation’s Business Finance Program has introduced a new loan tool for regional businesses.

Northland's "Quick Turn Equipment Loan" product allows the foundation to partner with financial institutions to lend capital for the purchase of equipment costing up to $300,000. Northland’s staff can approve the loans within three to five days of receiving a credit presentation from the partnering lender.

In a Thursday announcement, Northland explained it provides subordinated participations up to $75,000 on equipment loan packages that total $300,000 or less. A borrower may be able to receive financing for 100 percent of the purchase cost. Equipment refinancing, in cases where it will help reduce the borrower’s expenses and improve cash flow, also qualifies.

To date, three equipment loan projects have been approved by the Northland Foundation.

Northland Foundation also offers other flexible financing tools to help businesses save and create jobs and grow a sustainable regional economy.

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