So far in 2014 the Chamber has closed two loans for local businesses from its Sub Micro Loan Fund totaling $15,000, and two larger transactions from its Development Fund totaling $330,000. That’s already a 55 percent increase since last fall in the Chamber’s business finance portfolio, which currently totals more than $757,000 with several pending transactions in the pipeline.
The Chamber’s new loan fund developed in conjunction with the U.S. Department of Agriculture also closed two deals in December, totaling $75,000. The Chamber has now closed 22 loan transactions over the past two-plus years, including:
• Six loans from its Sub Micro Loan fund totaling $35,000. This fund offers short-term small business loans up to $7,500 and is a partnership with Fifth Third Bank and the Chamber Foundation.
• Nine loans from its Energy Efficiency Loan Fund totaling $157,528. This fund, supported by the Chamber Foundation and Traverse City Light and Power Co., offers up to $50,000 for energy savings and efficiency projects for commercial businesses.
• Five loans totaling $490,200 from the Chamber’s Development Fund which offers financing up to $250,000 for high-growth potential companies.
To learn more about the range of lending programs available through the Traverse City Area Chamber,
including a video featuring several of these companies, click here.