LANSING, MI. (WILX) — The Lansing Financial Space Partnership awarded 12 Higher Lansing companies $50,000 in aid loans to assist companies reopen post-COVID-19.
LEAP obtained about $1.2 million worth of funding from the Michigan Financial Improvement Corp. to present to Higher Lansing space companies.
Seven out of 12 companies chosen are owned by underrepresented teams.
Bob Trezise, president and CEO of LEAP mentioned, “These are minority-owned or women-owned companies, which is essential on this disaster. It is vital throughout a disaster we much more so give extra consideration to the underserved inhabitants and ensure nobody is left behind.”
208 companies utilized for the loans.
The necessities had been that the enterprise needed to be inside Ingham, Eaton, or Clinton counties and suffered main monetary injury from the pandemic.
LEAP narrowed the checklist right down to 20 companies. Of these 20 companies, MEDC selected the ultimate 12 to obtain the loans.
ETR Occasion Rental in Lansing is among the companies that obtained a loan.
Scott Awad mentioned receiving the cash permits him to maintain his doorways open.
“We had misplaced 25% of our yr within the first couple of weeks. So getting this cash as wells as chopping our bills, taking all of our vehicles off the highway, chopping all the pieces we may,” Awad mentioned
June is when he does most of his enterprise, however with most people’s occasions being canceled he misplaced some huge cash.
He mentioned the funding from LEAP will enable him to pay his hire and utilities. He mentioned he has reduce loads of prices since his retailer closed in March.
Again in April, LEAP awarded 60 companies with a $10,000 grant.
Trezise mentioned the that was the primary section in getting enterprise house owners the assistance they want.
The loans are a part of the second section and Trezise mentioned companies ought to anticipate a 3rd wave a monetary assist from LEAP within the close to future.
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