16 Apr LEAP Advances Small Business Loan Applications to State for Consideration
Loan Approvals Could Mean Additional $600,000 to Help Lansing Region Small Businesses Affected by COVID-19 Pandemic
LANSING, Mich. – With a focus on obtaining fast and critical relief for small businesses suffering economic hardship as a result of the COVID-19 crisis, the Lansing Economic Area Partnership (LEAP) acted quickly to forward 20 Michigan Small Business Relief Program (MSBRP) loan applications to the Michigan Economic Development Corporation (MEDC) for consideration. Last week, LEAP announced 60 Lansing region businesses would receive $10,000 MSBRP grants, for a total infusion of $600,000 into the regional economy to support struggling small business. LEAP anticipates the MEDC will approve total loan amounts on a similar scale, potentially adding an additional $600,000 of small business support to the Lansing region within the next month.
LEAP reviewed 208 eligible loan applications with a combined total request of $16,939,322, using a regional review process which included multiple reviewers and review criteria designed to reduce bias and maintain objectivity. As with the MSBRP grants, regional distribution throughout Clinton, Eaton and Ingham counties was one factor.
The Lansing region’s MSBRP loan funds were available to small businesses in the three-county region with fewer than 100 employees (full or part time), founded and owned locally in the region with gross revenue at or less than $1.5 million in 2019, along with additional criteria established by the MEDC and LEAP.
“The past weeks have been filled with moving stories from small-business owners from all corners of the region. Like everyone, we are working night and day to represent our region and help as many people as possible with very limited resources and capacity,” said Bob Trezise, president and CEO of LEAP. “While we know there is not nearly enough to meet the need, these loan funds will help some small-business owners maintain now and come back from this crisis. LEAP is just a tiny piece of a much larger regional pie. While our programs are macro in nature, we are pleased to see new funds from a micro, local perspective become available through local partners using LEAP’s model and framework—one great example of how we are Stronger Together.”
LEAP, on behalf of the Lansing region, continues to be grateful for the MSBRP funds established and made available by Governor Whitmer and the MEDC.
“We know the MEDC now faces an equally difficult task, as we did with the MSBRP grants, now having to make final selections for these loans,” added Trezise.
Complete eligibility requirements, loan details, application scoring criteria, description of the review process and FAQ documents for both the MSBRP loans and grants, remain available on LEAP’s website at www.purelansing.com/businessrelief.
The Lansing Economic Area Partnership (LEAP) is a coalition of area leaders partnering to build a stronger community for all—working every day to grow, retain and attract business.