Two West Michigan organizations are partnering together to create loans for small business owners in Muskegon. Grand Rapids Opportunities for Women (GROW) and the Community Foundation for Muskegon County say the relief is specifically targeting small businesses directly impacted by COVID-19.
Owners can apply for up to $10,000 to help kick start things up again now that many have re-opened their doors and hoping to salvage their small businesses after 3 months of being closed.
Kelli Smith is the Director of Lending at GROW. She says the need from small business owners for help during the coronavirus pandemic has been overwhelming.
“Well it’s devastating for some, obviously, we have businesses around us that aren’t able to survive, or that are potentially closing,” Smith said. “The goal for GROW and the Community Foundation for Muskegon County is to provide some relief for these folks, but also some assistance. So, it is both a loan, and it’s also a relationship for these businesses to try to get back on their feet and move forward.”
Smith says that assistance comes in the form of a variety of resources small business owners can access through the GROW organization.
To qualify, business must have east one employee and no more than 25 employees, must have demonstrated a positive cash flow prior to the pandemic, must have been open since September 1st 2019, and have active liability insurance.
Loan recipients will have 6-24 months to pay it back.
