EAST LANSING, Mich. (AP) – The U.S. Department of Agriculture has $25 million available in loan guarantees for eligible Michigan businesses.
James Turner, the USDA’s Michigan director for rural development, says the funding is through partnerships with local lending institutions. He says in a statement that the Business and Industry Guaranteed Loan Program can assist with business development, improvements and growth.
The loan guarantees are for businesses in a community with a population of 50,000 or less, but exceptions can be granted for areas near bigger cities.
For example, the money available through the loans can be used for:
Business conversion, enlargement, repair, modernization, or development
Purchase and development of land, easements, rights-of-way, buildings, or facilities
Purchase of equipment, leasehold improvements, machinery, supplies, or inventory
Debt refinancing when new jobs will be created and other conditions are met
Business and industrial acquisitions when the loan will keep the business from closing and/or save or create jobs
Program details are posted online here.