Lansing-area entrepreneurs will soon have a new tool for getting their startups off the ground. Comerica Bank announced last week it will give the
Entrepreneur Institute of Mid-Michigan (EIMM) a $100,000 grant for its JumpStart Microloan Program for small business owners.
“
Comerica's Community Reinvestment Staff has worked with EIMM for a number of years,” says Kathleen A. Pitton, vice president of corporate communications for Comerica. “Our bank was looking for ways in which to support the community through microloan programs and was impressed with the grant proposal received from EIMM for support of their microloan program.”
Comerica Bank is the first company to fund the EIMMs microloan program, which has loaned about $250,000 since 1997.
“Michigan is an important market for Comerica,” Pitton says. “EIMM's microloan program benefits the community through its support of microbusinesses and as well as the low- and moderate-income residents of the Lansing area who will benefit through the program's creation of new jobs.”
Proceeds from the grant will help EIMM to provide resources to small businesses in the City of Lansing and Ingham and Eaton Counties in Michigan. Former loan recipients include Chad Jordan, owner of Cravings Gourmet Popcorn. Loans range from $500 to $15,000.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.