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Initiative Foundation briefs Morrison County on local grants, loans and new CDFI certification
Summary
Carl Newbanks told the board the Initiative Foundation has recertified a new subsidiary as a CDFI, reported recent lending and job impacts in Morrison County, and highlighted nonprofit academy participation and emergency‑planning grants for Little Falls and Pierz.
Carl Newbanks, vice president of philanthropy at the Initiative Foundation, gave the board a county impact update on July 14, outlining the foundation’s multi‑decade work, recent grant and loan activity, and program priorities.
Newbanks said the foundation has returned about $3.88 for every dollar collected in Morrison County by deploying grants and loans into the region. He reported that the foundation’s newly formed Impact Fund—a wholly owned subsidiary—has completed certification as a community development financial institution, which allows the group to pursue Department of the Treasury CDFI dollars for lending.
Key local figures cited in the presentation included: roughly $6.2 million in total grants since 1986, $458,000 in scholarships, $6.4 million in loans historically, and leveraged outside capital of approximately $63 million. For 2025–2026 the foundation reported about four loans in Morrison County totaling roughly $1 million, with those loans creating 25 jobs and retaining 33 jobs; seven loans remain active.
Newbanks also described recent programming: Main Street grant rounds supporting the Boys & Girls Club and Purple Carrot Co‑op, emergency‑operations planning grants for Little Falls and Pierz, and a ‘‘write‑on’’ program at the Morrison County Jail that received a follow‑up $5,000 grant.
County officials thanked the foundation for its work and asked about nonprofit academy schedules; Newbanks encouraged organizations to use the foundation’s website and newsletter for updates.
The presentation was informational and no formal action was required.
