#TC Start Here
Chamber Capital Grows Business M
ost everyone is familiar with the old saying that “It takes money to make money.” Finding access to growth capital is a challenge for many businesses, particularly start-ups or operations without a long track record. Through the Chamber’s Enterprise TraverseCONNECT, the Chamber is helping dozens of area businesses grow their companies, expand product lines, save energy and more through five Access to Capital programs that range from small micro loans up to hundreds of thousands for major development projects. The Chamber has made loans to 28 companies totaling nearly $1 million out of its $5 million portfolio. “The Chamber’s been able to help more than two dozen local businesses expand through our Access to Capital resources,” said Laura Galbraith, the Chamber’s Senior Vice President of Finance and Administration. “The financing is important, but our clients also receive key business planning and financing guidance from a team of experts to ensure their operations are viable over the long term.” The Chamber’s business financing programs include: · Sub Micro Loans up to $7,500 for business start-up or seed money. · Energy Efficiency Loans up to $50,000 for energy savings and peak load reduction projects. · Intermediary Relending Loans up to $100,000 for working capital, machinery and equipment in a program supported by the USDA. · Development Fund Loans up to $250,000 for gap and bridge financing, expanded production capacity and market diversification. · Regional Revolving Loans up to $500,000 for property acquisition, equipment and inventory, working capital or financing existing debt. The Chamber is also stretching its Access to Capital dollars beyond its traditional service area to fund economic development projects throughout the region. The Traverse City Area Chamber Foundation was recently certified by the Michigan Economic Development Corp. as the administrator for the Regional Revolving Loan Fund in the 10-county Region 2 area stretching from Manistee County north to the Mackinac Bridge. Businesses can seek loans up to $500,000 for economic development projects that meet federal requirements for job creation and/or eliminating blight. Learn more about all of the Chamber’s Access to Capital resources by visiting www.tcchamber. org. —Bill O’Brien
Perspective from a Young Professional Member The Traverse City Young Professionals Program is an asset to my career in Traverse City. I joined the Chamber’s Traverse City Young Professionals Program shortly after I moved to the area as a way to meet new people with similar goals and interests. Not only have I encountered a great network of people, I have been given the opportunity to grow both professionally and personally in a community that I truly adore. The YP program continually provides me with educational seminars that directly impact me in my position with the City of Traverse City. It also encourages me to contribute to and enrich our community through volunteerism and other social networking events. I am humbled to be a member of the Chamber’s Traverse City Young Professionals Program.
Katelyn Stroven Administrative Specialist City of Traverse City
ANGELA DOSTER BROWN
RON STERN
Chamber Helps Grow Local Food Scene Finding money to launch a new restaurant in Suttons Bay featuring locally grown products was a challenge for Jen and Nic Welty of Nine Bean Rows farm in Leelanau County. But a $30,000 loan from the Traverse City Area Chamber’s Development Fund in 2013 set the Weltys’ dream in motion—and they haven’t looked back. “We were scratching around every nook and cranny to find the money we needed to get us up and running,” Jen Welty said. “I don’t think it would have been possible without the aid of the Chamber, frankly.” A year later the couple’s Suttons Bay restaurant is thriving, they’ve opened a bakery along M204 between Suttons Bay and Lake Leelanau, and their Community Supported Agriculture (CSA) farm is generating local food for their restaurant and other families. “We’re doing terrific,” Welty said. “The restaurant is going gangbusters, the bakery is doing great, and we’re continuing to grow.” — Bill O’Brien
Traverse City Region Careers
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