The U.S. Department of Commerce, Economic Development Administration has announced that it has awarded the Northern Lakes Economic Alliance a $400,000 investment to establish a revolving loan fund. The fund will serve as a financing tool for Northern Michigan businesses to support jobs and investment in the NLEA service area of Antrim, Charlevoix, Cheboygan, and Emmet Counties.
The loan fund is a gap financing tool for small businesses and will work in partnership with the borrower’s primary lender. The goal of the fund is to be a component of a business’s capital mix to bring growth and jobs to the region. Click below to hear from economic development professionals and elected officials about the importance of this $500,000 loan fund.
Read the full Press Release here: Press Release – 2023 EDA Grant Award
