Areas Served: City of Niles
The City of Niles, Michigan administers a Revolving Loan Fund (RLF) program that is available for loan and grant projects considered eligible by the state of Michigan.
The RLF is an economic development tool that is based on partnerships between private businesses and the City of Niles .
It works by providing loans to businesses that cannot locate or expand in Niles with traditional financing sources alone.
The aim of the Revolving Loan Fund is to generate economic activity that will lead to the creation of jobs for low and moderate income individuals.
Loans may be used for land and building acquisition, construction, machinery and equipment acquisition, or for working capital.
Businesses that benefit from the program are required to create one job for every $15,000 that is borrowed.
A majority of the jobs that are created must be provided to low and moderate income individuals.
Contact InformationCity of Niles, Michigan
Address: 1950 Industrial Drive
City: Niles
State: Michigan
Website:
http://www.ci.niles.mi.us/Business/economicdevelopment.htm
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