LANSING, Mich. (Apr. 9, 2020) – Directly following an incredibly competitive process of reviewing nearly 2,000 applications from Lansing region small businesses seeking funding to help them get through the economic fallout from COVID-19, the Lansing Economic Area Partnership (LEAP) is acting swiftly to evaluate 208 state loan applications received since Wednesday, April 1, 2020. Once again, LEAP has developed a process leveraging the vast expertise and experience of volunteers across the region to quickly evaluate 208 small business loan applications for 0.25 percent interest, zero collateral loans from the Michigan Small Business Relief Program (MSBRP). This program will deliver fast and critical relief to small businesses throughout the Lansing region, increasing the likelihood of a faster and fuller economic recovery, saving businesses and jobs in communities across the Lansing region. LEAP thanks Michigan Governor Gretchen Whitmer and the Michigan Economic Development Corporation (MEDC) for making this program available to us.
“LEAP continues its relentless pursuit and creation of funding programs to get money out the door as fast as possible to as many small businesses throughout our three counties. $600,000 in grants have already been distributed across our region in merely two weeks, now we embark on delivering multiple loans in another two weeks to other small businesses,” said Bob Trezise, president and CEO of LEAP. “Like the grant program we just completed, our new loan program faces an overwhelming number of requests that far exceeds the available funds, yet LEAP will work aggressively to properly select and recommend 4-20 small businesses to the MEDC for loan approval.”
Since these emergency grants and loans were announced by Governor Whitmer and the MEDC, LEAP worked to develop an application portal and to establish a fair and objective application and regional review process for the MSBRP grants and loans. Businesses are not eligible to receive both grants and loans.
“I wish we had more money. All we can do is get the money into the hands of small businesses throughout our three counties as fast as possible,” added Trezise. “It’s making a difference, despite the funding limitations and extreme procedural challenges. Our staff has barely slept the last four weeks, but that doesn’t matter compared to the suffering in the community right now. Our work is of the utmost importance for our region.”
The 208 small businesses that have applied for loan funds were required to be Michigan-based with fewer than 100 employees (full or part time), founded and owned locally in our region with gross revenue at or less than $1.5 million in 2019, along with additional criteria established by the MEDC and LEAP. Franchises are not eligible for these loans.
Complete eligibility requirements, loan details, application scoring criteria, description of the review process and FAQ have been available since March 31, 2020, on LEAP’s website at www.purelansing.com/businessrelief.
###
About LEAP: The Lansing Economic Area Partnership (LEAP) is a coalition of area leaders partnering to build a stronger community for all—working every day to grow, retain and attract business to the Lansing, Michigan, region.
