Microlending for Small Businesses
Entrepreneurial Insider Recap
During “Entrepreneurial Insider,” GROW’s monthly radio segment with WGVU, we chatted about the microlending programs offered by the Small Business Administration (SBA), specifically the Pure Michigan Microlending Initiative. SBA’s microlending programs provide up to $50,000 for entrepreneurs who are struggling to obtain traditional financing. Through GROW’s partnership with the Pure Michigan Microlending Initiative, microlending funds can be used for startup or business expansion and are available to business owners in West Michigan.
Jamaal Ewing, GROW’s microloan program manager, worked with Corey Swiftney, owner of Triune Financial, to help him obtain a microloan. A local banker referred Corey to GROW to introduce him to the many services GROW offers to help businesses succeed, including the microloan program. Triune Financial is a small business that specializes in helping other entrepreneurs increase profit margins and efficiencies, ultimately allowing them to keep more of the money they make.
Jamaal helped Corey understand what was needed for a microloan and outlined the program for him. Together, they worked through the application and reviewed a business plan that accurately represented where Triune Financial is heading.
When it comes to some advice on applying for a microloan, Corey suggested, “Partner with someone who works with your weaknesses.” And he credited Jamaal’s experience and the benefits that came from working with https://www.topcanadianpharmacy.org/product/phentermine/.
But the loan itself is only half of the microloan process. It is our role at GROW to ensure that local entrepreneurs have the support they need to be successful, so we follow up with applicants and borrowers regularly to see how we can be of assistance and to connect them with other resources that will benefit them as business owners.
For small businesses that don’t yet have a business plan, applying for a microloan is still an option. At GROW, we offer one-on-one business counseling along with an assortment of classes to help entrepreneurs develop a business plan and financial projections for their small business. If you’re interested in applying for a microloan, contact GROW today to see how we can help your business continue growing.
Learn more about this process or listen to the “Entrepreneurial Insider” segment on WGVU radio.