The Kent County Board of Commissioners approved the $1.2 million grant earlier this month, which is part of a larger $2 million investment from the county’s American Rescue Plan Act allocation, or ARPA.
The funding will provide loans to new and emerging Latino-owned businesses that may not qualify for traditional financing due to credit challenges, financial history or language barriers.
The Hispanic Center of Western Michigan will also offer Spanish-language support in technical assistance, marketing, and financial literacy.
Loans range from $1,000 to $250,000 and will be administered by Opportunity Resource Fund and Northern Initiatives, two community development financial institutions that specialize in serving historically underserved populations.
Kent County residents interested in applying for a loan can do so at the Hispanic Center’s website.
