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Financing Referrals

The Ionia County Economic Alliance offers assistance in securing financing through Small Business Administration 504 program.

SBA 504 (Growth Finance Corporation)
ICEA and Growth Finance Corp. (GFC) can assist you with the SBA 504 program. The SBA 504 program makes 10 and 20 year fixed rate loans for land, buildings, machinery, equipment, and for other fixed asset investments. The 504 allows for up to 90% financing in participating with a private lender. Competitive rates and terms are made possible through the federal guaranty of securitized debentures sold by Merrill-Lynch and First Boston.

Industrial Revenue Development Bonds can be used for financing large business projects in excess of $10 million. The interest rate savings are approximately 50% under conventional long term rates because only state and local income taxes are exempted. Advatages are found in longer terms (20 years or more), alternative source of capital compared to commercial banking, and better interest rates.

When starting a business or expanding an existing business, the Michigan Economic Development Corporation's Financing a Business page can show you different financing options.

For a list of financial institutions in the Ionia County area, please call the ICEA at 616-527-8014 or email to icea@msu.edu.