Increasing demand for small business loans in West Michigan has led the Michigan Economic Development Corp. to open a branch of the Michigan Certified Development Corp. at 500 Northland.
The non-profit MCDC is certified by the U.S. Small Business Administration to provide SBA 504 financing all over Michigan, and it’s the leading provider of SBA financing in the state. Projects are financed through a public/private partnership that involves private lenders financing 50 percent of project costs, MCDC/SBA covering up to 40 percent of project costs and small businesses investing at least 10 percent of project costs.
Kelly Hutchings, former vice president of commercial banking at Macatawa Bank, will serve as senior loan advisor at the new MCDC office. She will be responsible for working with West Michigan bankers and small businesses to help finance small business loans for real estate and equipment purchases.
Hutchings’ background and experience made her an “ideal fit” for the job, said MCDC President Jane Sherzer.
“Her addition to our staff will be a tremendous gain for businesses in Western Michigan, where the local economy seems to be bucking the trends of problems faced in other areas of the state and nation,” Sherzer said. “We hope to see the West Michigan office assist in continuing the economic growth of the entire region.”