Kalamazoo Small Business Loan Fund
A partnership of United Way of the Battle Creek & Kalamazoo Region and City of Kalamazoo,
supported by Foundation for Excellence
About the fund
United Way of the Battle Creek and Kalamazoo Region (UWBCKR) 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 UWBCKR Small Business Loan Fund is intended to be a bridge loan to provide local businesses time and opportunity to take advantage of SBA Loans, State, and Federal loan assistance programs. 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.
Eligibility
Low-interest loans between $5,000 and $50,000 will be available for businesses that meet the following requirements:
- Provides support to impacted employee(s), especially employees who are in the ALICE population; minority- and women-owned businesses; and businesses that are in the food/beverage, retail, manufacturing and service industry.
- Have been in operation for at least (1) one year prior to date of application.
- Is located in the City of Kalamazoo. (Detailed map of the city)
- Has 50 FTE employees or less.
- Has annual revenue of $2.5 million or less.
- Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
Eligible uses of the loan may include, but are not limited to:
- Operational costs including rent, mortgage, utilities, and other ordinary business expenses.
- Payroll and benefit costs for employees.
Application Process
Applications will be submitted completely online. After creating an online account using the link below, applicants will be asked to submit information that includes the following:
- Summary of financial need
- Planned use for the loan
- 2020 & 2021 Business Tax Returns
- Most recent Year-to-Date Interim Balance Sheet, Profit/Loss Statement (Income Statement)
- Current Debt Schedule
- Copy of Most Recent Payroll Tax Payment
- Employee Listing/Roster
- Articles of Incorporation
- Corporate Bylaws
Please note that application reviews may be delayed 2-3 weeks during spring and fall, when our staff capacity is limited by other programs.
For more information or accommodations of any kind, email smallbusiness@uwscmi.org or call 269-250-9837.
Decision-making process
All fund expenditures will be decided by an advisory committee of representatives from United Way BCKR, City of Kalamazoo/Foundation for Excellence, local banks, and local economic and community development. United Way BCKR is committed to partnership and the leveraging of federal, state, and local resources to ensure that dollars are deployed effectively.
Guiding Principles of the fund include:
- Equity. The Loan Fund is intended to support community members living below the ALICE threshold, marginalized and disparate populations.
- Collaboration. Whenever possible, dollars from the Loan Fund will be used to leverage federal, state and other local resources.
- Short-Term Use. The Loan Fund is designed to provide immediate, short-term resources until additional federal and state loan options become available.
- Flexibility. The Loan Fund is designed to be flexible in terms of how the resources are spent to meet the most critical needs of businesses and their employees.
Questions? Email smallbusiness@uwscmi.org or call 269-250-9837.
Small Business Loans Granted
