GROW Opens “ReStart Kent” Loan Program to Small Businesses. Now Accepting Loan Applications.
This is a NEW, flexible loan product to support relief and reopening efforts of small businesses in Kent County.
We are thrilled to announce open applications for our “ReStart Kent” Loan. In partnership with the Small Business Administration, GROW has created this working capital loan to help small businesses that were impacted by COVID-19 to recover effectively.
The loan program is designed to assist small businesses that are not currently borrowers of GROW. With loan amounts ranging from 1,000 to 10,000 dollars, these funds can be used to help keep local businesses afloat and support the re-opening process.
Bonnie Nawara, CEO of GROW shared, “We understand the toll this incredibly difficult time has taken on small businesses in the area. Many small business owners we talk to are exhausted from researching and struggling to find ways to keep their doors open. In creating this loan, we are making funds available with very low interest rates and flexible terms to businesses who haven’t qualified for any other loan options.”
Highlights of the ReStart Kent County Loan Program
- SBA pays first 6-months of loan payments
- 4% interest rate
- No application fees
- Flexible terms
“Our team is dedicated to helping small businesses in our communities survive this economic downturn. ReStart Kent is the second round of pandemic related funding GROW has provided. We were able to assist 29 amazing small businesses with our first effort. I’m hopeful this next round can impact an even greater number,” added Kelli Smith, Director of Lending at GROW. “Of those 29 businesses, 47% are minority-owned, 80% women-owned, and none of them had access to any other source of capital.”
GROW has also partnered with the Community Foundation for Muskegon County and the SBA to create the Muskegon County Recovery Loan, a similar loan product for small businesses in the Muskegon area. Applications for ReStart Kent County and the Muskegon County Recovery Loan are available on our website.
If you have any questions about these loan programs or other resources available from GROW, please contact us today!