Kalamazoo Creates $2M Fund to Help Small Business
Kalamazoo really looks out for its own. From initiatives to continue eating at local restaurants, to pages to help people get what they need during the outbreak, we really do shine when it comes to helping our neighbors. I'm so pleased that our city is stepping up to do the same. Last night the city of Kalamazoo held a virtual meeting to designate millions of dollars to help our small businesses that have been impacted by the outbreak. The Kalamazoo City Commission voted to allocate $2 million of the Foundation for Excellence (FFE) and established the Kalamazoo Small Business Loan Fund. According to an article from MLive, they will provide low-interest loans between $5,000 and $50,000 which can be used to cover operational expenses, payroll, and benefits. Certain criteria need to be reached in order to be considered for the loan (click here for criteria). Applications will be reviewed by an advisory board expected to meet weekly, and funds can be expected as soon as two days after receipt of application.
Fear not, Kalamazoo businesses. Your neighbors and your city have your back.