The lending industry is worlds apart from what it used to be. In the “good ole days” taking out a loan could be as simple as walking through the front door of your neighborhood bank. Now with more stringent rules and regulations, banks have tightened their wallets. When looking to finance a new business venture or expand your current operations, you need to be aware there are many different alternatives. For instance, Great Lakes Energy offers a couple different loan programs in their service territory covering western and northern Michigan from Kalamazoo to Mackinac Straits.
Their Economic Development Loan Program is set up to provide low-interest and zero-interest loans to promote economic development through job creation in or near rural areas served by Great Lakes Energy. This program has been developed to work alongside traditional lending and applicant equity. Often times, when the entrepreneur does not have enough cash or equity to go the traditional route, it takes a more creative approach. This alternative lending can be a cost effective way of obtaining the monies needed for your business growth.
Northern Lakes Economic Alliance (NLEA) serves as a consultant for the loan fund and works with business clients to ensure that loan applications meet program guidelines and are professionally presented. To learn more about what this program can offer your business call 1-231-582-6482.