Top Financing Programs for Small Businesses in Grand Rapids, MI: Grants, Loans, and Support

Small Business
Written By Ben Van Doren
Coin in a jar.

In Grand Rapids, MI, several special programs and financing options are available to help small businesses. These programs offer various forms of financial assistance, from loans and grants to tax incentives and support services. Here’s a detailed look at some of the key programs:

1. Grand Rapids SmartZone Local Development Finance Authority (LDFA)

The SmartZone LDFA offers support to technology-based businesses through tax increment financing. This program helps businesses in technology, life sciences, and advanced manufacturing sectors by providing funding for infrastructure improvements, real estate development, and business incubator services.

2. Grand Rapids Opportunities for Women (GROW)

GROW provides comprehensive support to women-owned businesses, including:

  • Microloans: Loans ranging from $1,000 to $50,000 to help start or grow a business.

  • Business Counseling: Free one-on-one counseling sessions.

  • Training Programs: Workshops and classes on various business topics.

3. Michigan Economic Development Corporation (MEDC)

MEDC offers several programs aimed at small businesses in Grand Rapids:

  • Michigan Small Business Development Center (SBDC): Provides counseling, training, and research assistance.

  • Michigan Emerging Technologies Fund (ETF): Matches federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) funding to help tech-based startups.

4. Start Garden

Start Garden is an entrepreneurial ecosystem that supports startups through funding, mentorship, and community resources. Their programs include:

  • The 100: An annual competition where 100 entrepreneurs receive $1,000 each to develop their ideas.

  • 5x5 Night: A monthly pitch competition offering a $5,000 grant to the winner.

5. Michigan Women Forward (MWF)

MWF offers microloans and business education to women entrepreneurs:

  • Microloans: Ranging from $2,500 to $50,000, these loans help with startup costs, working capital, and equipment purchases.

  • Entrepreneurial Programs: Including business plan development and mentorship.

6. Local Initiatives Support Corporation (LISC)

LISC provides financing and support to businesses in underserved areas:

  • Small Business Relief Grants: Emergency grants for businesses impacted by economic downturns.

  • Loans and Lines of Credit: Financial products designed to help businesses grow.

7. Downtown Development Authority (DDA) Programs

The Grand Rapids DDA offers several incentives to encourage business growth and development in the downtown area:

  • Building Reuse Incentive Program: Grants for renovating and repurposing existing buildings.

  • Facade Improvement Program: Matching funds for exterior building improvements.

8. Grand Rapids Chamber of Commerce

The Chamber of Commerce offers resources and programs to support small businesses:

  • EPIC Awards: Recognition and promotion of local businesses.

  • Networking Events: Opportunities to connect with other business owners and potential clients.

9. SBA Loans

While not unique to Grand Rapids, the U.S. Small Business Administration (SBA) provides several loan programs that are accessible to local businesses:

  • 7(a) Loan Program: The most common SBA loan, offering up to $5 million for a variety of business purposes.

  • 504 Loan Program: Long-term, fixed-rate financing for major assets like real estate and equipment.

  • Microloan Program: Loans up to $50,000 to help small businesses start and expand.

10. Michigan Business Development Program (MBDP)

The MBDP offers grants, loans, and other economic assistance to businesses that create jobs and make significant investments in Michigan.

Call to Action

For small business owners in Grand Rapids, exploring these programs can provide the financial support needed to start, grow, and thrive. If you’re interested in learning more about any of these programs or need assistance in navigating the application process, contact us today. Our team at Consulting to Market specializes in helping small businesses in Grand Rapids secure the financing and support they need to succeed.

References

Ben Van Doren
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