The Microloan Program is a local resource designed to promote economic development within Roscommon County. It does this by making financing available to new and expanding small businesses that is not available from a traditional lending source; and further, by facilitating the development of these small and emerging business enterprises. In addition, the goal of the Microloan Program is to create, retain and expand businesses in Roscommon County.
Funding is available for up to $5000.00*
*Based on funding availability
- Active Small Business Development Center (SBDC) Client
- Loan proceeds may only be used for startup and expansion costs.
- The applicant must be a business, whether an individual owner, partnership, limited liability company or corporation, excluding public institutions, and lending institutions.
- An applicant must demonstrate the ability to repay the loan and be an acceptable credit risk, as determined by the Microloan Committee.
- Borrower must have equity in the business.
- Loan money CANNOT be used for funding part of a project which is dependent on other funding, UNLESS there is a firm commitment of the other funding to ensure completion of the project.
- Proceeds of the loan cannot be used to finance any other existing debt.
Contact Brenda Bachelder, Director of Business & Economic Development Services to schedule an appointment.
989-366-8660 or email@example.com