Financial incentives are a key factor in determining your business location. BCU will guide you through various state and local funding opportunities with favorable rates and negotiable terms to customize an incentive package that will reduce start-up costs and help your company grow competitively without putting a strain on your bottom line.
Here are just a few of the reasons why doing business in Battle Creek, Michigan can work for you:
The Direct Investment Fund’s primary purpose is to recruit businesses to our vibrant community and to help established businesses grow to their full potential. The fund is used to support the economic development efforts for the City of Battle Creek.
Funding is available for both loans and equity investments. The Direct Investment Fund offers investments from $30,000 to $500,000 and will provide up to 50% of the total capital in any deal. The fund dollars are not to be considered a grant. A typical loan prospect is an individual or business that has received a loan approval from a traditional lending institution but needs further funding to fill the “gap” to complete their project. Additionally, a loan could be extended to an applicant that is unable to obtain funding through a lending institution. All loans require collateral. Also, loans to closely held corporations require a personal guaranty of the principal owner.
The typical time frame for processing investment requests is approximately 90 days after a completed application is submitted. The due diligence requirements may extend the processing time past the 90 day average. Loan and investment approvals are made by a seven-member committee. Contact Brenda Whited for additional information.