The Rapidian

GROW Microloan Program driving small business growth with $600,000 to lend

GROW received $600,000 to loan to small business owners who need help getting capital for business growth.
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Grand Rapids Opportunities for Women (GROW), a Small Business Administration (SBA) Women’s Business Center, has received $600,000 through the SBA to lend to West Michigan businesses. GROW is currently accepting applications for potential borrowers.

The Microloan Program gives applicants a potential opportunity for funding that they cannot borrow through traditional banks, either because they don’t meet eligibility requirements or because they have a funding need below bank minimums set for business loans. Approved microloan borrowers receive a loan up to $50,000, as well as specialized technical assistance including GROW services like mentorship, entrepreneurial training and one-on-one business counseling to ensure their success.

The ideal borrower has a reduced funding need (from a few thousand dollars up to $50,000), is interested in developing their business skills further and will use funds for working capital, furniture, fixtures, machinery, inventory or other equipment. The Microloan Program can reach beyond Grand Rapids, and business owners in other parts of West Michigan are also encouraged to apply.

“Many small business owners report that their biggest obstacle to growth is funding. Microlending can eliminate financial barriers and drive economic growth for individuals, leading to a strong economy for all of West Michigan,” says Bill Hahn, the Microloan Program Manager at Grand Rapids Opportunities for Women.

According to the Small Business Administration, more than 80% of small businesses use some sort of financing to grow their business.

Women and men interested in receiving a microloan should contact the Microloan Program Manager at GROW by calling (616) 458-3404. More information about this and other GROW programs can be found at growbusiness.org

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