Small Business and Entrepreneur Funding

Genesee County Economic Development Corporation’s (EDC) Small Business Revolving Loan Fund program seeks to create jobs in the community by assisting to capitalize small businesses. The program is not a replacement for conventional loans, but provides gap financing where conventional loans do not work. EDC funds can be used for most business purposes, including but not limited to: building improvements, equipment, inventory, and working capital. The maximum loan amount is $100,000 and may not finance/pay off existing debt.

Loan Requirements & Limitations

– Loan amount – up to $100,000
– Interest rate – Prime plus 2% to 3%
– Term – up to 10 years
– Amortization – up to 25 years
– The business must create new jobs
– Owner must have at least 10% equity in the deal

Application Process & Requirements

– Hold face-to-face meeting with EDC representative to review business plan, project plan, and financial information
– Submit formal loan application packet and required ancillary information
– Application packet is reviewed by a loan committee
– Application is submitted to EDC Board for final approval

Contact Genesee County for more information.

Genesee County Economic Development Corporation’s (EDC) Small Business Revolving Loan Fund program seeks to create jobs in the community by assisting to capitalize small businesses. The program is not a replacement for conventional loans, but provides gap financing where conventional loans do not work. EDC funds can be used for most business purposes, including but not limited to: building improvements, equipment, inventory, and working capital. The maximum loan amount is $100,000 and may not finance/pay off existing debt.

How to Begin

Please contact Tracy Joseph, Business Finance Manager, at (810) 600-1406 or email tjoseph@flintandgenesee.org

Loan Requirements & Limitations

– Loan amount – up to $100,000
– Interest rate – Prime plus 2% to 3%
– Term – up to 10 years
– Amortization – up to 25 years
– The business must create new jobs
– Owner must have at least 10% equity in the deal

Application Process & Requirements

– Hold face-to-face meeting with EDC representative to review business plan, project plan, and financial information
– Submit formal loan application packet and required ancillary information
– Application packet is reviewed by a loan committee
– Application is submitted to EDC Board for final approval

Download Application 

The Moving Flint Forward Small Business Grant Program is a collaborative effort between General Motors and the Flint & Genesee Economic Alliance to provide grants to Flint neighborhood small businesses. The program awards grants up to $10,000 each to small businesses that effectively demonstrate needs or challenges that are barriers to growth. The program is designed to help businesses expand, make repairs and leasehold improvements, and purchase inventory and equipment. (Debt service on any federal, state or local taxes owed are not eligible expenses for program consideration.)

More Information

The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.

504 loans are available through Certified Development Companies (CDCs). CDCs are SBA’s community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.

Is Your Business Eligible?

To be eligible for a 504 Loan, your business must:
– Operate as a for-profit company in the United States or its possessions
– Have a tangible net worth of less than $15 million
– Have an average net income of less than $5 million after federal income taxes for the two years preceding your application

Other general eligibility standards include falling within SBA size guidelines, having qualified management expertise, a feasible business plan, good character and the ability to repay the loan.

Loans cannot be made to businesses engaged in nonprofit, passive, or speculative activities. For additional information on eligibility criteria and loan application requirements, contact Tracy Joseph at (810) 600-1406 or tjoseph@flintandgenesee.org

SOURCE: U.S. Small Business Administration

Kiva is for any entrepreneur who can use a 0% interest loan to help take his or her business to the next level. Whether you’re in the idea phase, start-up mode, or an established business, Kiva could be a great option for you. LISC, Local Initiatives Support Corporation the nation’s largest nonprofit community finance organization, and Kiva are partnering together to expand financial opportunities across the United States.

Entrepreneurs can raise money for any business purpose — working capital, equipment, inventory, marketing, or project-based investments are all ways you can leverage Kiva to help your business grow.

As a partner of LISC, the Flint & Genesee Economic Alliance works with local entrepreneurs to support business owners. For more information or questions about LISC or Kiva, contact Tracy Joseph at tjoseph@flintandgenesee.org

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For additional grant and loan opportunities, contact our small business experts.