KENTWOOD EDC COMMERCIAL LOAN PROGRAM
The EDC Commercial Loan Program is a City-funded micro loan program intended to encourage investment in the older areas Kentwood by providing low interest loans to rehabilitate existing commercial properties located in and serving low income areas. EDC loans are in conjunction with a bank loan to existing businesses located in the City of Kentwood. Maximum loan amount is $100,000; rate is 75% of the prime rate at the time of application. Contact: Lisa Golder, City of Kentwood firstname.lastname@example.org.
KENTWOOD REVOLVING LOAN FUND
The purpose of Kentwood Revolving Loan Fund is to create permanent private sector jobs within the City and to expand and retain business and industry in our community.
The fund provides local businesses and industries with a potential source of capital to finance expansion projects. The loan is supplementals to traditional private lender financing. Since public sector monies can offered at lowers rates of interest and for longer terms than private funds, the injection of public monies into a project can produce a blended rate of interest which is significantly lower than what can be obtained with strictly private sector financing. Therefore, the perceived risk of private sector lending to a small business venture is reduced.
PURE MICHIGAN MICROLENDING PROGRAM
Managed by the Opportunity Resource Fund, the Pure Michigan Microlending Program provides loans to small businesses, housing, and non-profits. Small business microloans can be used for pre-development, acquisition, renovation, land purchases, inventory, working capital or business expansions. Loans range from $10,000-$250,000. It also provides technical assistance services. Contact: email@example.com.
SBA LOANS-ECONOMIC DEVELOPMENT FOUNDATION
EDF is a certified development company that partners with lender to help small businesses finance fixed assets through the 504 Loan program. The 504 Program allows for low loan down payments and low fixed rates for up to 20 years. For more information, visit: www.growmichigan.com.
Northern Initiatives provides small business resources and loans. This includes the “Michigan Good Food Fund” that provides 30 million in public/private loans and grants to finance healthy food production, distribution, processing and retail products that benefit under-served communities across Michigan. Learn more at: www.northerninitiatives.com.
Start Garden provides $1,000 grants to entrepreneurs to try out new concepts. Learn more at: www.startgarden.org or contact: firstname.lastname@example.org.
5×5 provides $5,000 of funding to explore new innovations and product ideas. Ideas are voted on by the community; one idea is voted on per month. More information: www.5x5night.com.
WAKE STREAM VENTURES
A spin-off of Start Garden, Wake Stream Ventures makes early stage investments in high growth technology, hardware-software convergence and ecommerce enablement. Learn more at: www.wakestreamventures.com.