Muskegon County small businesses have access to low-interest loans, providing they meet the criteria. | Canva
Muskegon County small businesses have access to low-interest loans, providing they meet the criteria. | Canva
Loans ranging from $1,000 to $10,000 are now available for Muskegon County small businesses, thanks to a partnership between Grand Rapids Opportunities for Women (GROW) and the Community Foundation for Muskegon County.
The loans will be offered at a 4% interest rate, according to a post on the Community Foundation’s website. Repayment plans will range from six to 24 months, with the option to begin repaying the loan within 90 days of its inception.
To qualify, a business must have between one and 25 employees, be able to demonstrate profitability prior to the COVID-19 pandemic, have been established on or before Sept 1 of last year, and have a documented active liability insurance policy, according to the Community Foundation.
“This program will provide critical, flexible funds to those small businesses impacted by COVID-19,” said Todd Jacobs, president and CEO of the Community Foundation, according to the Community Foundation. “The program is designed to keep small businesses afloat and to reopen with confidence.”
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