11 a.m., White Pine, Michigan
In an abandoned mine 200 feet beneath the earth, scientists monitor plants cultivated to produce proteins and chemicals used to fight degenerative diseases. It's an interesting twist to a story we see too often across the country: a major employer closes its doors, people lose jobs and move away.
But there is a different
outcome in the case of
White Pine Mine, a decommissioned
copper mine that once
employed 3,000 people.
Before the mine closed
in 1996, the owner explored
alternative uses for
the 25 square miles of
subterranean property.
A story in National Geographic
prompted him to contact
Prairie Plant Systems,
a company that uses underground
locations to grow disease-fighting
plants and flowers. The
company was interested
in the site, and turned
to Northern Initiatives
for help.
ShoreBank's Northern Initiatives helped the company clear regulatory hurdles,
provided loans and helped attract investment partners who formed SubTerra
LLC. Two years and a successful pilot later, SubTerra is optimistic about
a future that should include several hundred employees to work underground
and handle processing on the surface.
From bringing investors
together and financing
a project that's revitalizing
a decommissioned mine,
to financing an entrepreneur
to open a bed and breakfast
in an abandoned lighthouse,
Northern Initiatives
is committed to creating
vibrant communities by
supporting entrepreneurship
and economic development.