Venture North Funding & Development is a regional non-profit economic development organization formed through the consolidation of the Chamber Foundation and the Traverse Bay Economic Development Corporation. As the economic development division of TraverseCONNECT, we provide business financing and other services across the 10 county region, and explore opportunities to expand regional, state and national partnerships.
Venture North is a certified Community Development Financial Institution (CDFI). CDFIs are mission-driven
financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities. CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. In order to become a certified CDFI, the financial institution must: have a primary mission of promoting community development; provide financial products and services; serve one or more defined low income target markets; maintain accountability to the community it serves; and be a legal non-governmental entity.
Venture North currently administers existing loan funds of $7 million, with a portfolio of over $4.5 million already at work for over 75 businesses in the region. We work with numerous partners in the private and public sectors including Fifth Third Bank, the U.S. Department of Agriculture, Michigan Economic Development Corporation, Traverse City Rotary Charities, Northern Trust, Northern Initiatives, Traverse City Light and Power Co. and others.
Venture North provides business funding in the 10-county region. We can also help companies connect with other available local and state resources, and partner with other financial institutions on business start-ups, expansions and related growth projects.
The mission of Venture North is to support the region’s economic growth and community development efforts by providing funding options, offering technical assistance, and building connections for viable businesses, including low-to-moderate income communities.