Available business loans and grants

The CARES Act application, which includes the Paycheck Protection Program (PPP), has reopened. Please review the details below, including the checklist for application. Businesses will need to connect with their Business Development Manager to apply. Current Consumers business partners are prioritized for service.

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SBA Paycheck Protection Program

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

How to apply:

  1. You must have a business account at Consumers. If you don’t currently have one, you will need to make an appointment. Contact us to set one up!
  2. Use our handy checklist to gather the documents you will need to apply for the Paycheck Protection Program once a full banking relationship is established. You’ll need to contact your business development manager to get started.

Details about the forgiveness process, as we know it today, can be found here.

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SBA Economic Injury Disaster Loans (EIDL)
  • Direct Loan from the Federal Government (Small Business Administration)
  • Amount: Up to $2,000,000
  • Uses: Payments, Payroll, Accounts Payable, Operating Expenses
  • Interest Rate: 3.75% APR for small businesses, 2.75% APR for non-profits
  • Terms: Up to 30 years, based on the borrower’s ability to repay
  • Collateral: If total loan is under $25,000, no collateral is required.
  • Eligibility:
    • Business is not able to get credit elsewhere
    • Suffered substantial economic injury
    • Acceptable credit history
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Michigan Small Business Relief Program – Grants
  • MEDC will provide funding to one or more local economic development organizations – Funds available on or before April 1, 2020
  • Amount: Up to $10,000
  • Uses: Working Capital, Payroll, Rent, Loan Payments, Utility Expenses
  • Interest Rate/Terms/Collateral: N/A as this is a grant and does not require repayment
  • Eligibility:
    • In order to qualify for grant support, businesses must meet the following criteria:
      • The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, as well as meeting additional criteria;
      • The company has 50 employees or fewer;
      • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business; and
      • The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.
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Michigan Small Business Relief Program – Loans
  • MEDC will provide funding to one or more Community Development Financial Institutions or Licensed SBA not-for-profit or directly from a state department – Funds available on or before April 1, 2020
  • Amount: $50,000 – $200,000
  • Uses: Working Capital, Payroll, Rent, Loan Payments, Utility Expenses
  • Interest Rate: 0.25% APR
  • Terms: Interest only for 60 months followed by a 60-month term
  • Collateral: TBD
  • Eligibility:
    • In order to qualify for loan support, businesses must meet the following criteria:
      • The company is in an industry outlined in Executive Order 2020-9 (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;
      • The company has fewer than 100 employees;
      • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business;
      • The company can demonstrate that it is unable to access credit through alternative sources;
      • The company can demonstrate an income loss of as a result of Executive Order 2020-9.
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Resources for businesses, managers and employees
PMBC COVID-19 Emergency Access & Retooling Grants

More Info and Application

Kalamazoo Small Business Loan Fund
  • Loan up to $50,000
  • 1.0% per annum
  • Revenues <$2.5 million
  • Provides support to impacted employee(s);
  • Is located in the City of Kalamazoo
  • Has 50 FTE employees or less
  • Needs working capital to support payroll expenses, rent, mortgage payments, utility
    expenses, or other similar expenses that occur in the ordinary course of business
  • Is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak

More Info and Application

Battle Creek Unlimited Emergency Loan Fund
  • Loan up to $50,000
  • Low interest
  • Revenues <$2.5 million
  • Demonstrate having dine-in consumption prior to the state’s Executive Order
  • Funds to be used to cover expenses that could have been paid if the Executive Order had not been issued
  • Questions and applications to be sent to: emergencyloanfund@bcunlimited.org

More Info and Application

MWF Michigan Entrepreneur Resilience Fund

The Michigan Entrepreneur Resilience Fund is intended to support small businesses as they recover from unprecedented COVID-19 business closures. Grants and microloans will provide gap funding to ensure businesses survive the COVID-19 crisis, pivot to meet new or changed demand, or reopen their business quickly and safely when the executive order is lifted.

More Info and Application

For Businesses
Expert Guidance

Do you have business banking questions? Contact our knowledgeable business development managers. We’re here to help you grow your business!

Contact us

 

Meet Some of Our Local Business Partners
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A woman in a meeting with a man with a laptop in front of her
A smiling woman in an office talking with an auburn hair woman
Two men shaking hands in front of a Consumers Credit Union sign on the wall
A woman in a meeting with a man with a laptop in front of her
A smiling woman in an office talking with an auburn hair woman
Two men shaking hands in front of a Consumers Credit Union sign on the wall
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