In times of economic downturn, American history has shown an uptick in the number of new business starts.
But economists have been surprised at the smaller number of business startups in the current slow economy.
In the U.P., there’s a strong trend of new business start–ups.
Many of those get direction from Northern Initiatives, a private, nonprofit community development corporation.
The facility provides consultation services for new and existing businesses.
Northern Initiatives also operates a loan fund to help clients who might not be eligible for traditional financing.
Northern Initiatives president Dennis West says the average loan is around $60,000.
Northern Initiatives is not affiliated with Northern Michigan University.
But it’s housed at NMU’s Jacobetti Center and works closely with the school to employ students in research and development.