Good news for Kalamazoo small businesses, Kalamazoo’s small business loan fund program has been expanded.
Originally established in March 2020, the Kalamazoo Small Business Loan Fund Program, or KSBLF, was a partnership between the City of Kalamazoo and United Way of the Battle Creek and Kalamazoo Region. It started with $ 2 million in funding and has certainly helped local businesses. According to MLive.com, a total of 947 employees were able to keep their jobs thanks to the KSBLF.
It was then. And now?
At a committee meeting earlier this week, the town of Kalamazoo and United Way of the Battle Creek and Kalamazoo Region agreed to an expansion. In total, this extension of the original KSBLF will amount to $ 3,115,500. The city plans to divide this amount over the next three years, with a total of $ 1,038,500 being used each year.
This expansion also aims to emphasize equity. Businesses owned by women or owned by Blacks, Aboriginals and people of color will be given priority.
The KSBLF will provide eligible businesses located in the town of Kalamazoo with a loan of $ 5,000 to $ 50,000.
Are my businesses eligible?
Obviously, not all businesses will be eligible for the loan. However, if your business meets the following criteria, you may be eligible.
- Must be located in Kalamazoo Town
- Must have 50 full-time equivalent employees or less
- Annual business income must be $ 2.5 million or less
There are a few other qualifications you can read here.
In addition, there is another grant called the Kalamazoo Micro-Enterprise Grant Fund for companies with 10 or fewer full-time employees. This grant is valued at $ 5,000. You can find out more about how to apply for this grant here.
It feels like we are slowly starting to pull ourselves out of this pandemic, but that doesn’t mean everything will be back to normal. While the majority of us are doing our best to survive and get by, let’s also make sure to give some love to our local businesses. And it doesn’t work to have means spending money. Here are some quick ways to share the love without spending a dime: