12 Greater Lansing businesses receive relief loans
The Lansing Economic Area Partnership awarded 12 Greater Lansing businesses $50,000 in relief loans to help businesses reopen post-COVID-19.
LEAP received about $1.2 million worth of funding from the Michigan Economic Development Corp. to give to Greater Lansing area businesses.
Seven out of 12 businesses chosen are owned by underrepresented groups.
Bob Trezise, president and CEO of LEAP said, "Those are minority-owned or women-owned businesses, which is critical in this crisis. It's important during a crisis we even more so give more attention to the underserved population and make sure no one is left behind."
208 businesses applied for the loans.
The requirements were that the business had to be within Ingham, Eaton, or Clinton counties and suffered major financial damage from the pandemic.
LEAP narrowed the list down to 20 businesses. Of those 20 businesses, MEDC chose the final 12 to receive the loans.
ETR Party Rental in Lansing is one of the businesses that received a loan.
Scott Awad said receiving the money allows him to keep his doors open.
"We had lost 25% of our year in the first couple of weeks. So getting this money as wells as cutting our expenses, taking all of our trucks off the road, cutting everything we could," Awad said
June is when he does most of his business, but with most of the people's events being canceled he lost a lot of money.
He said the funding from LEAP will allow him to pay his rent and utilities. He said he has cut a lot of costs since his store closed in March.
Back in April, LEAP awarded 60 businesses with a $10,000 grant.
Trezise said the that was the first phase in getting business owners the help they need.
The loans are part of the second phase and Trezise said businesses should expect a third wave a financial help from LEAP in the near future.