Areas Served: Leelanau County
The Leelanau County, Michigan EDC seeks to increase the diversification of the existing economic base by providing employers with loans for business start-ups and expansions and assist with the development of new facilities.
Eligibility: Available funds will be lent out primarily, but not exclusively, to manufacturing companies, commercial businesses and tourism related businesses.
Capital will be used for debt financing through direct loans for fixed assets including land and building acquisition, new construction or renovation, machinery and equipment, leasehold or land improvements.
Working capital loans may be made only in exceptional situations where there is adequate collateral and the term is short.
Criteria: Each applicant must meet listed criteria.
The company must – Be located within Leelanau County for the duration of the loan.
If a company obtains a loan from the EDC and relocates the business outside Leelanau County before the note is paid in full the note will come due immediately.
– Expend funds and add jobs within Leelanau County.
Companies may have additional locations outside of Leelanau County but all Revolving Loan Fund monies must be used for improvements or job creation at the Leelanau County location.
Additional Criteria: The Leelanau County EDC will give preference to companies with the following additional criteria: – Bank Involvement.
The Leelanau County EDC seeks to fund the last 25% of a given project.
While traditional bank financing is not a requirement, preference will be given to those applicants that are working with a bank in addition to Revolving Loan Financing.
– Job Creation.
The Leelanau County EDC seeks to create jobs within the County in addition to retaining existing jobs.
Job creation is not a requirement, but preference will be given to applicants that indicate an increase in the number of employees at their Leelanau County locations.
– Applicants that intend to construct new facilities in officially designated business or industrial parks or districts.
– Applicants that locate in officially designated downtown revitalization or redevelopment district
Contact InformationTraverse City Area Chamber of Commerce
Address: 202 East Grandview Parkway
City: Transverse City
State: Michigan
Website:
http://tcchamber.org/tc-chamber-and-fifth-third-bank-create-small-business-loan-program/
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