Market Van Buren has been working to secure loans for small businesses throughout the county. Market Van Buren has released the following:
Help is on the way for small businesses in Van Buren County, thanks to Market Van Buren, Van Buren County Commissioners, and its Economic Development Corporation. On Tuesday, the two organizations issued 12 loans for $20,000 each in response to the needs of small businesses due to Covid-19.
County leaders have been working with Market Van Buren and the Economic Development Corporation to identify several small businesses in need of working capital. At $20,000 each, the loans will enable the companies to continue operations and prepare for the winter season. The County Revolving Loan Fund is designed to traditionally provide gap financing, however in this case county leaders knew they could not let anything stand in the way of supporting its business community. Due to the pandemic, they also approved lower than market interest rates and interest-only in year one.
“The Economic Development Corporation and the County Commissioners felt an obligation to support our small businesses who are a major economic driver and the life-blood of our community. We challenged Market Van Buren to design a solution that cut government red tape and get our businesses the working capital they need to survive,” Said Randy Peat, County Commissioner and Chairman of the Economic Development Corporation. “I’m proud of the work we have done,” he added.
Market Van Buren Executive Director Zach Morris thanked the County Commissioners and Economic Development Corporation Board Members for thinking outside the box and coming up with a solution that met the needs of the business community. “This program is a testament to the leadership and innovative thinking of our county leaders. The business community needed an innovative solution to a challenge that is new to all of us and the county responded.” Said Morris.
“We are thankful to receive this financial support from the County,” said Kevin Christensen, Owner of Final Gravity Brewing Co. in Decatur, Michigan. “Between Covid-19 and the state’s restrictions, our revenues during the summer have been down. Typically, our summer season helps get us through the slower winter months. This loan program will help us in the lean winter months ahead.”
Full story at: https://www.wsjm.com/2020/09/29/van-buren-county-businesses-receiving-financial-aid/