Contact: Deborah Nale
Business Income Development Specialist
Manistee County Economic Development Office
231-723-4325
dnale@manistee.com
For Immediate Release
NEW SOURCE OF BUSINESS FINANCING AND SUPPORT ESTABLISHED FOR MICRO-BUSINESS INITIATIVE
Thanks to the foresight of the Northwest Michigan community, both financial and business support infrastructures are being developed to assist participants in a new micro-business initiative. This initiative, focused on entrepreneurs recovering from mental illness, is led by Deborah Nale, Manistee Economic Development Office, under a grant with Manistee-Benzie Community Mental Health.
Micro-business support infrastructure is being built through community and business donations, partnerships, mentorships and pro bono services.
Nale said 12 new businesses are underway and five more are in the pipeline. To support this project, the Manistee Area Chamber of Commerce teamed up with a donation from Easter Seals of Michigan to enable these new entrepreneurs to participate as members of the Chamber, enjoying full member benefits.
“Business plans are required from each of our micro-business entrepreneurs that must meet bank approval as a condition of a loan from this new fund,” said Nale. “The needs of our business start-ups are modest but, as with any small business, having a source of capital to get started is essential so that products or services can be marketed and sold and generate profits so that the loans can be re-paid. The loan fund is off to a strong start with monetary donations by local businesses. Organizations or individuals who may be interested in donating to increase the micro loan fund size are encouraged to call the Economic Development Office to learn more about the program.”
The level of community support the initiative has already received since it was officially kicked-off in April is very tangible. Along with the growing micro loan fund, pro bono accounting services have been offered by David E. Wilson, CPA to the micro-business entrepreneurs to assure a strong financial foundation. Partnerships have been formed with both the Benzie Area Chamber of Commerce and the Manistee Area Chamber of Commerce to provide office and conference room space, and Members Credit Union has agreed to work with the entrepreneurs while they are in their incubation stages providing low-cost business checking account management services.
Community support continues to be sought. This is an opportunity for current or retired business owners and individuals to share their knowledge and skills in specific areas such as wood working, painting and sketching, crocheting, knitting and needlepoint, desktop publishing, and jewelry-making. Mentoring relationships can be established either at the individual business level or by sharing ones knowledge of a specific field of expertise to the entrepreneur group as a whole.
“It is intended that the program be opened up to other populations upon the successful completion of this grant funded pilot project. By offering tips and techniques to our current micro-business entrepreneurs, volunteer mentors will not only contribute to the success of these businesses, but they will also add value to an initiative that can improve the overall economic infrastructure of our Northwest Michigan region,” Nale said. Those interested may contact Nale at 231-723-4325 or dnale@manistee.com