Lansing Sun

The Lansing Economic Area Partnership (LEAP) recently brought its total aid to local small businesses to $1.2 million, as the state approved $600,000 in relief loans for 12 additional small businesses.

According LEAP's website, the Michigan Small Business Relief Program, from which the funds originate, was established by the Michigan Economic Development Corporation (MEDC) in response to the COVID-19 crisis.

“Grants and loans have provided small businesses across Clinton, Eaton and Ingham counties (the Lansing tri-county region) with a total of $1.2 million in relief dollars since the programs were approved in late March 2020,” the website states.

The latest loans to be distributed to 12 area businesses will provide each with $50,000 at 0.25% interest and no collateral required.

LEAP awarded the first $600,000 in aid they helped to distribute in the form of grants back in March, with the funds distributed to businesses in Clinton, Eaton and Ingham counties during April. 

“LEAP has been working tirelessly to locate and distribute desperately needed relief to local small business owners across our three-county region -- so many who are on the brink of losing their livelihoods and who are responsible for the livelihoods of others,” Bob Trezise, LEAP president and CEO, said, according to LEAP's website. “While we know there is not nearly enough to meet the need, these loan funds will help small business owners continue to operate during and rise back up after this crisis diminishes.”

The loan requirements include being based in the tri-county area and having fewer than 100 employees. The LEAP website stated 208 applicants for the loans met eligibility requirements, and the total funds requested added up to $16,939,322 -- a need more than 28 times the amount LEAP was able to distribute.

Out of those 208 applicants, 20 were submitted to the MEDC, from which the 12 who received funding were chosen.