MUSKEGON COUNTY, MI – “Restoration loans” are being provided to small companies in Muskegon County which might be struggling because of the coronavirus pandemic.
As much as $20,000 is being provided to debtors by means of a program established by Grand Rapids Alternatives for Girls (GROW) and the Neighborhood Basis for Muskegon County.
The loans carry a 4 % rate of interest and haven’t any origination price and no fee due for 90 days.
To qualify, companies will need to have been working in Muskegon County since Sept. 1, 2019, have 25 or fewer staff and have been instantly impacted by COVID-19.
The GROW mortgage gave hope to Vanessa and Tony Davis, who personal Pampered Auto Transportation, which offers transportation to nonemergency medical appointments. When these appointments dried up due to the pandemic, so did the couple’s enterprise.
“It was as if our enterprise stopped respiratory,” Vanessa Davis mentioned in a ready assertion, including {that a} GROW mortgage helped the enterprise “preserve going.”
GROW additionally connects mortgage recipients with webinars, teaching periods, seminars and concepts on how you can stay profitable in enterprise.
“These companies aren’t only a quantity,” GROW Director of Lending Kelli Smith mentioned. “They’re our neighborhood members, our neighbors, our mates and our household.”
Enterprise homeowners who face obstacles to conventional lending are particularly inspired to use for loans, the phrases of which GROW strives to tailor to particular person conditions.
Within the first six weeks of the pandemic, GROW closed 28 loans price $235,000 in Grand Rapids and Muskegon. Of these, 80 % went to women-owned companies, 40 % went to companies owned by individuals of coloration and 75 % went to debtors who had been of low to reasonable earnings.
To use, go to growbusiness.org or name Karen at 616-780-6605.
Additionally on MLive:
Michigan lists 208 new coronavirus outbreaks and 382 ongoing clusters in Nov. 2 report
10-story apartment tower proposed for downtown Muskegon by MSU trustees
Christian school closed over COVID-19 violations could reopen if it agrees to mask mandate
