Any small business entity in Berrien County finding themselves cash-strapped in their bid to acquire new equipment and machinery, working capital and the like would do well to keep Dan Fette's telephone number embedded in their smartphone, typed into their Rolodex, or somewhere close at hand. Fette is Berrien County's Community & Economic Development Director and he and the county's Loan Administration Board currently have nearly a million dollars available for local businesses who need it.
Fette tells me that Berrien County currently has $950,000 in available capital to loan to small businesses. "Principally," he says, "We can make loans for materials and equipment, and working capital." He adds, "Because of regulations on the use of the money, it's difficult for us to loan money on real estate development or the acquisition of real estate, but we're looking for small businesses that are in need of financing for equipment, machinery, working capital and such."
Eligible participants in the County's loan funding have to have some participation in the business on the overall project, either in the form of credit from a bank, internal capital, personal contributions and the like so that they have some skin in the game.
Fette notes that they can't make a 100-percent loan, but he thinks they can make loans up to 80-to-90-percent of the value of the material and equipment purchases being sought by small business.
Additionally, the business will have to demonstrate that as a result of the loan they will be creating new jobs in the area. He tells me that typical standards put a benchmark on their ability to loan about $10,000 for each permanent job created as a result of the loan project.
If your business is need of capital, you can reach Dan Fette directly at 1-269-983-7111 Ext 8617, to begin the process.
