The Kalamazoo Small Business Loan Fund, established in partnership with the City of Kalamazoo and supported by the Foundation for Excellence, is intended to be a bridge loan to provide local businesses time and opportunity to take advantage of the current COVID-19 SBA Loans, State, and Federal loan assistance programs.
Guiding Principles of the fund include:
- Equity. The Loan Fund is intended to support community members living below the ALICE threshold, marginalized and disparate populations.
- Collaboration. Whenever possible, dollars from the Loan Fund will be used to leverage federal, state and other local resources.
- Short-Term Use. The Loan Fund is designed to provide immediate, short-term resources until additional federal and state loan options become available.
- Flexibility. The Loan Fund is designed to be flexible in terms of how the resources are spent to meet the most critical needs of businesses and their employees.
Low-interest loans between $5,000 and $50,000 will be available for businesses that meet the following requirements:
- Provides support to impacted employee(s), especially employees who are in the ALICE population; minority- and women-owned businesses; and businesses that are in the food/beverage, retail, manufacturing and service industry.
- Is located in the City of Kalamazoo.
- Has 50 FTE employees or less.
- Has annual revenue of $2.5 million or less.
- Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
- Is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.
Eligible uses of the loan may include, but are not limited to:
- Operational costs including rent, mortgage, utilities, and other ordinary business expenses.
- Payroll and benefit costs for employees.
- Financial impacts as a result of the COVID-19 pandemic and executive orders.
Contact information for the loan
Natalie Saucedo, Director – Individual Giving and Innovation