Muskegon County Recovery Loans Now Available to Small Businesses
For Immediate Release – June 18, 2020.
Grand Rapids Opportunities for Women (GROW) and the Community Foundation for Muskegon County are partnering to create a loan program for those whose businesses were directly impacted by COVID-19 in Muskegon County.
The Muskegon County Recovery Loans will provide $1,000 – $10,000 loans at a 4% interest rate. Loan recipients will have 6-24 months loan repayment and may elect to begin repayment 90 days after the loan is received.
“This program will provide critical, flexible funds to those small businesses impacted by COVID-19,” said Todd Jacobs, president and CEO of the Community Foundation. “The program is designed to keep small businesses afloat and to reopen with confidence.”
“These have been challenging times for small businesses,” added Bonnie Nawara, CEO of GROW. “The funds, coupled with our business support services, will help these businesses recover.”
To qualify, businesses need to be based in Muskegon County, city or rural, and have:
- At least one employee and no more than 25 employees
- Demonstrated cash flow positive (prior to pandemic)
- Been established, open since September 1, 2019
- Documented active liability insurance policy
GROW is a nonprofit organization focused on entrepreneurs at various stages of business ownership through educational opportunities, business mentorship, workshops and microloans.
GROW and the Community Foundation expect the Muskegon County Recovery Loan program to support a breadth of area businesses in a variety of industries – from retail and daycare providers to manufacturers and restaurants – as they prepare to navigate a new normal. Consideration will be given to those businesses disproportionately affected by COVID-19 and the Stay-at-Home orders, including businesses located in rural areas in the county and underserved, low-moderate income, women-owned, and minority-owned businesses.
Community Foundation for Muskegon County’s vision is to “Build a vibrant community with great opportunities for all.” This is supported by three strategic goals:
- Advance Educational Attainment
- Foster a dynamic, local economy
- Enhance community trust and promote prosperity for all
This loan program is funded by a Program Related Investment (PRI) of $350,000 by the Brad and Janice Hilleary Family Fund, the Leonard & Catherine Buitendorp Charitable Fund, the SPX Community Development Fund, and the B.A. Westgate Fund of the Community Foundation for Muskegon County. Additionally, a $45,000 grant was awarded to GROW to support the program’s administration and to fund a loan loss reserve from Unrestricted Funds of the Community Foundation for Muskegon County.
Please visit www.growbusiness.org/muskegonrecovery for further information, including how to apply.
Grand Rapids Opportunities for Women (GROW)