LEAP Assist Small Businesses With a Loan Opportunity
LANSING, MI - The Lansing Economic Area Partnership (LEAP) has secured $600,000 in emergency funds from the Michigan Economic Development Corporation (MEDC) Small Business Relief Program to issue $10,000 in grants to 60 individual small businesses in the Lansing region such as Clinton, Eaton, and Ingham county that are struggling financially due to the COVID-19 crisis, thanks to funds that were allocated by Governor Gretchen Whitmer.
The deadline to submit applications was Tuesday, March 31 at 11:59pm and representatives in the Lansing area will review the applications such as the Lansing Economic Area Partnership (LEAP), such as the Capital Region Small Business Development Center (SBDC), Capital Area Michigan Works! (CAMW!) and other major community partners. The staff will not help individual businesses fill out their application to ensure there isn’t a conflict of interest with favoritism when it comes to fairness and consideration. LEAP will also be contacting awardees by Monday, April 6, 2020, along with grants distributed to selected businesses around April 8, 2020. LEAP announced yesterday afternoon that small businesses based in Michigan will have a new opportunity with the Small Business Relief Program with a loan option.
HOMTV spoke over the phone with Victoria Meadows, the Vice President of Marketing and Communications of LEAP, about the how the loan would work for someone whose business is facing financial hardship, and says. “In terms of repayment, the favorability of the terms will allow people to easily repay these loans if they were profitable.” Meadows also mentions the eligibility for the loans and added that, “You have to have employees ranging from 100 or less as well as a business located in this region and not award businesses that are franchises or affiliated with national chains are not eligible for this program. The business must be founded and headquartered in the Lansing region.”
The loan application is available on LEAPS website and will be open through Tuesday, April 7, 2020. For businesses that are chosen the interest rate would be 0.25 percent with no collateral necessary and with a flexible repayment period.
You can watch the full interview on HOMTV’s Youtube channel.