Benzie 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.

In addition to job creation requirements, the State also requires a personal guarantee from all the owners of the company. The application will not be approved at the State level unless all owners provide a personal guarantee of the amount of the loan.

Process Information

Once your application has been submitted, it will be reviewed by the Benzie County EDC Revolving Loan Fund Review Team (Review Team). If approved by the Review Team, your application will be forwarded to the Benzie County EDC Board of Directors (EDC Board). The EDC Board meets in the Commissioners Chambers on the first floor of the Governmental Center. You will be notified of the date of the next EDC Board meeting. At the EDC Board meeting, a public hearing related to your application will be held per federal regulations. A notice of public hearing will be run in the Record Patriot up to ten (10) days prior to the EDC Board 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 EDC Board will act on the recommendation provided by the Review Team. Once approved by the EDC Board 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 EDC Board to closing.

If you have any questions, please feel free to contact Sarah Racine at (231) 995-7116.