Kalamazoo Small Business Loan Fund

Battle Creek/Kalamazoo

Please note that as of March 2024, the loan application and review processes have changed. Please review all the information on the page and reach out to staff before applying.

About the fund

United Way of South Central Michigan has long invested in critical basic needs services and infrastructure across the region. We partner with businesses and their employees year-round to tackle our community’s toughest issues, including how we best support our growing ALICE population (Asset Limited, Income Constrained, Employed). The Kalamazoo Small Business Loan Fund was started as a bridge loan to provide local businesses time and opportunity to take advantage of SBA Loans, State, and Federal loan assistance programs during the COVID-19 pandemic. Initial funding for the Kalamazoo Small Business Loan Fund (KSBLF) was provided through a partnership with the City of Kalamazoo with support from the Foundation For Excellence. Following a pause in 2023, the KSBLF program reopened in Spring 2024. KSBLF currently operates as a revolving loan fund, where the loan funds repaid are used to replenish the lending pool for the future. This program is focused on increasing access to resources and capacity-building supports with an intentional focus on reducing disparities in communities of color and for women-owned businesses. This program aims to help Kalamazoo business owners make investments that strengthen their sales and financial stability during the 3-year term.

Application Process

Applications for the Kalamazoo Small Business Loan Fund (KSBLF) are accepted periodically, with two application periods each year. Applications are completed and submitted online through the United Way’s system. Applications are only available on e-cimpact during the application periods, and are not available at other times of the year.

The application has two parts, a written section and a supporting documents section. The written section asks you to provide your business details as well as answer questions about your business and how you would use the loan funds. The supporting documents, or uploads, demonstrate to the reviewers that your business is eligible and prepared to apply for a loan. It is strongly recommended that each applicant reach out to UWSCMI staff before submitting the final application and supporting documents. This will help to address any issues that may delay the application review.

KSBLF has both eligibility criteria, and priority criteria.

Eligibility

Business must be operational for at least one year, as documented by at least one year of tax returns and dated business formation documents. Sorry, start-up businesses with no taxes or government documentation are not eligible.
Taxable address of the business must be located in the City of Kalamazoo.
Business can have up to 50 full time employees.
Business can have up to $2,500,000 annual sales or revenues.
Business must be current on local, state, federal, and property taxes.
Business can have only one KSBLF loan at a time.

Priorities

Investments in business operations that demonstrate a clear positive impact on the business, such as increased annual sales or decreased annual expenses
Business owners in communities that have experienced historic under-investment, especially those located in Shared Prosperity Kalamazoo neighborhoods of Eastside, Edison, and Northside
Owners who identify as Black, Indigenous, and all People of color, as well as women and LGBTQIA+ owners, and those living in an ALICE household

Operational costs such as rent, payroll, and utilities are eligible expenses, but not prioritized, as covering these costs generally does not have a clear long-term positive impact on the business.

Review Process

Application decisions are made twice per year by a volunteer committee of reviewers. The review committee and UWSCMI staff work together at the beginning of each year to determine the pool of funds available for lending over the following calendar year. Applications are accepted for a few months, and then reviewed by the committee as a batch. Reviewers evaluate each individual application, and then determine which businesses to fund from the batch of submitted applications submitted. Therefore, the application review process is typically very competitive.

Reviewers will be evaluating applications according to UWSCMI values, program priorities, and information provided in the application.

Review Process

If you need assistance preparing your business financial documents, please reach out to the Small Business Development Center via their website wmich.edu/research/smallbusiness or their contact form at michigansbdc.org/get-started/business-consulting/request/.