The program is funded through a $50,000 grant from Fifth Third Bank and a $50,000 match from Venture North Funding & Development. Start-up or seed money for businesses within the 10 county region. The intent is to provide quick loan review and turnaround on funding.
- Funding Range: less than $10,000
- Terms: 6 – 24 months or less
- Rates: between 6.5 – 9%
- $50.00 Application fee
- Requires a personal guarantee form each borrower
- Applicants will be expected to meet with Venture North Funding & Development partner, Small Business Development Center and/or SCORE to review applicant’s business financial plan, forecasting, credit score, collateral and identify ability to pay back loan.
- Underwriting: Applicants will be accessed and scored based on information provided above.
- Loan Review Committee makes final recommendations. (Meets on a weekly basis)
Participants will be expected to meet with Venture North Funding & Development partners, such as SBDC and/or SCORE, throughout term of loan for business counseling and coaching for future growth and sustainability. Participants will provide relevant economic data to TraverseCONNECT such as jobs created and future funding needs.
For Details, Contact
Formerly the Traverse Bay Economic Development Corporation and Chamber Foundation