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Grand Rapids staff propose $425,000 Third Ward revolving loan fund to seed microloans
Summary
City staff proposed transferring $425,000 from the Third Ward equity fund to an Economic Development Corporation-managed revolving loan fund aimed at microloans for Third Ward small businesses; staff and commissioners asked for further outreach to Community Development Financial Institutions and corridor partners before formal implementation.
City economic development staff presented a proposal to transfer $425,000 from the fiscal year 2025 Third Ward equity fund into a revolving loan fund managed by the city’s Economic Development Corporation (EDC) to provide low-interest microloans to Third Ward entrepreneurs and small businesses.
The proposal, described by the presenter as a source of “early stage capital,” would limit loans to business development uses and exclude real estate development; draft terms discussed included loan sizes up to $50,000 (with examples as small as $5,000 to $10,000), interest rates roughly 1%–3% and repayment terms of about 36 months. The city would aim to structure the fund…
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