The Houghton-based Keweenaw Economic Development Alliance announced Wednesday that it has small business loans available for entrepreneurs starting up new businesses in the region, as well as for established businesses that are expanding.
The loans can be used for purchase of equipment and supplies, for building purchase or rehabilitation, and for working capital.
Any entrepreneur or business in Houghton, Keweenaw or Baraga County is eligible to apply.
Beginning entrepreneurs and early stage companies can apply for micro-loans of $5,000 to $15,000 to start up or grow new businesses.
“KEDA has had great success with its micro loan lending program,” said Phil Musser, KEDA Executive Director. “Since beginning the program in 2007, micro loans have been made to logging, software and service businesses that were unable to get needed funds elsewhere, and that have allowed these businesses to start-up and expand operations.”
Established business can apply for up to $75,000 from KEDA’s Keweenaw Revolving Loan Fund to expand their business. Both KRLF and micro loans can be used in conjunction with bank loans or other revolving loan funds such as the Houghton County Revolving Loan Fund and the Keweenaw MicroLoan Fund.
“KEDA has worked with Keweenaw Peninsula entrepreneurs for many years and knows that locally grown companies will become our future employers and will create the majority of our new jobs,” Musser stated. “We want to ensure that we are providing the assistance these businesses need, including financing, to increase their chances for success and growth.”
KEDA is a private, non-profit, economic development organization that helps grow local companies and jobs in Keweenaw, Houghton and Baraga Counties by helping local entrepreneurs start up new companies, existing companies to expand and by attracting companies to the Keweenaw.
For more information, contact Phil Musser at 906-482-6817 or via e-mail at pmusser@kedabiz.com.
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