Whether you are starting up a new business or expanding an established business in the City of Saginaw, you're starting something good.
Services, Jobs, Goods, Knowledge, Expertise
These are the foundations that Saginaw was built on long ago - and they are the principles that will move us forward toward a bright future. Solid business financing can mean the difference between success and failure, dreams and nightmares, or even getting off the ground in the first place. Businesses throughout the City - restaurants, retail, staffing agencies, law offices, manufacturers, event planners, beauty salons, funeral homes, and many more - have benefited from SEDC services. YOU CAN TOO!
Securing the capital needed to start a new company or expand an existing business has become increasingly difficult. Responding to that need, the Saginaw Economic Development Corporation (SEDC) has a Revolving Loan Fund program (RLF) to enhance the ability of business start up and expansion projects.
The purpose of the Saginaw Economic Development Corporation Revolving Loan Fund (RLF) is to create permanent, long-term jobs within the City of Saginaw by providing start-up and "gap" financing to qualified businesses for eligible activities. Loans made through the Revolving Loan Fund are intended to help bridge the gap created by shortfalls in commercial financing. Funds are repaid into the program and recycled to other businesses, thus allowing an ongoing job creation program. Funds are available for businesses located in the City of Saginaw.
- To create permanent jobs and retain existing jobs for low-and-moderate-income residents.
- To provide economic opportunities in the City of Saginaw for new and expanding businesses, including businesses owned by minorities and women.
- To stimulate the redevelopment of under-utilized and deteriorated commercial and industrial property in the City of Saginaw.
The Saginaw Economic Development Corporation is soliciting applications for a forgivable loan program. Special Community Block Grant Program funds (CDBG-CV) were allocated by HUD as authorized by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), Public Law 116-136. Funds may be used for a wide range of activities that must be associated with the prevention, preparation for or response to COVID-19. Business must be located in the City of Saginaw and have been in business for two years. Program participants must guarantee one low to moderate income job retention.
Forgivable Business Loan Application is a forgivable loan that doesn't have to be paid back if the following criteria are meet:
- Businesses must be located in the City of Saginaw
- Businesses must guarantee one low-to-moderate job
- Business has been in existence for 2 years
Forgivable Business Loan application will open on 6/15/2020 - 6/21/2020. The application deadline 6/21/2020 at midnight.
Forgivable Loan Application
***Upon application completion, please submit to:
Saginaw Economic Development Corporation