Grand Traverse County EDC Revolving Loan Fund
General Information
The Revolving Loan Fund is part of a federal program that requires job creation and low to moderate income beneficiaries. Eligible jobs must be new positions at your company. State guidelines for this program allow an applicant to borrow up to $35,000 per created position. A form will be provided to you after approval of your loan to help you gather the required income information from your new employees.
Process Information
Once your application has been submitted, it will be reviewed by the Grand Traverse County EDC Board. The EDC Board meets the second Thursday of each month at 8:00 a.m. in the Commissioners Chambers on the second floor of the Governmental Center. You and your financial agent will be required to attend to answer questions. If approved by the EDC Board, your application will be forwarded to the Grand Traverse County Board of Commissioners (Board of Commissioners). The Board of Commissioners meets the last Wednesday of the month at 7:00 p.m. in the Commissioners Chamber on the second floor of the Governmental Center. At the Board of Commissioners meeting, a public hearing related to your application will be held per federal regulations. A notice of public hearing will be run in the Traverse City Record-Eagle up to ten (10) days prior to the Board of Commissioners meeting. The notice will include your company information, the requested loan amount and the purpose of the loan. Once the public hearing has been held, the Board of Commissioners will act on the recommendation provided by the EDC Board. Once approved by the Board of Commissioners the necessary paperwork will be completed and submitted to the Michigan Economic Development Corporation for final approval. Once approval is received from the MEDC, a loan closing will be scheduled. Please note: this is a lengthy and involved process. We estimate a 90 day period from approval from the Board of Commissioners to closing.
Please click on the links below to download the application and attachments.
Instructions
Application
Sources and Uses of Funds
Summary Page
If you have any questions, please feel free to contact us.