The Economic Development Corporation/Brownfield Redevelopment Authority of the City of Grand Haven wants to help small businesses whose Business Address is within the boundaries of the City of Grand Haven by utilizing its existing Revolving Loan Fund for relief loans. Area small businesses will be able to access a $5,000 loan to use as Working Capital.
Qualifications for the loan include:
- the business must be located in a commercial district within the City of Grand Haven (no home addresses or PO Box)
- have 5 or fewer Full Time Equivalent Employees
- have experienced a loss caused by COVID-19
- have been unsuccessful in receiving any other relief packages (such as PPP, SBA, MEDC, or any other relief loan from a banking institution)
- be in good standing with the City of Grand Haven
- local owner(s)
- financially stable before the Pandemic
- be a for-profit company
- for local business owners with multiple small businesses, only one business per owner will be eligible to receive any loan proceeds
The Small Business Emergency Assistance Loan is designed to support small, vulnerable businesses including:
- Service businesses: A service-based business sells something they do, rather than a physical product. This could include, but is not limited to, lawn care, cleaning, hair care, graphic design and consulting.
- Makers: Makers produce, build, sew or craft the products that they sell. These can include, but are not limited to, jewelry, clothing, furniture and home goods. Makers must have a brick & mortar location within the City of Grand Haven limits
- Small businesses with a physical location in the City of Grand Haven (commercial storefront or office)
- Restaurants and other prepared food businesses: A business that sells prepared food in a fixed, physical location
- Retail businesses with a physical location in the City of Grand Haven.
- Small Manufacturers located in the City of Grand Haven.
What businesses are NOT eligible to apply?
- Businesses that are franchises and chains are not eligible to apply, unless the franchisee is a local City of Grand Haven resident
- Independent contractors operating multilevel or network marketing businesses (such as Avon, Mary Kay, 5LINX, Pampered Chef, etc.) are not eligible to apply.
- Independent contractors working on gig platforms (such as Airbnb, Fiverr, Uber, Lyft, Instacart, etc.) are not eligible to apply.
- Nonprofit organizations are not eligible to apply.
- Business owners who have received any loan or grant relief packages (such as PPP, SBA, MEDC or any other relief loan from a banking institution) are not eligible to apply
- Restaurants and other prepared food businesses without a physical, brick and mortar location (for example: food trucks) are not eligible to apply
The EDC/BRA will partner with The Chamber’s local Economic Development arm to evaluate the loan applications. Terms of the loan include 5 years at 0% interest, automatic monthly withdrawals. There will be a one-time loan processing fee in the amount of $25, which will be payable when the loan documents are signed. One personal guarantee will be required for the loan.
Extended July 7 – until funds are used.