NORTHWEST MICHIGAN — The Fifth Third Foundation awarded a $25,000 grant to Venture North Funding and Development to bolster small businesses in northern Michigan. The funds will provide low-cost loans and no-cost business consultations to support businesses in need.
The grant aims to assist startup and small businesses that often struggle to secure affordable loan capital and support for their growth. Venture North President Laura Galbraith emphasized the importance of this grant, noting that it will help address the challenges faced by local entrepreneurs.
Venture North Funding and Development has provided a total of 212 low-cost loans amounting to over $13 million to businesses in northern Michigan, which has helped leverage an additional $33 million from commercial lending partners. This support has led to the creation and retention of more than 1,400 jobs throughout the region.
In addition to granting loans, Venture North has offered consulting services to more than 800 businesses, further assisting them in developing business plans and financial projections. Galbraith stated, “Startup and small businesses often cannot find help with everything from developing a business plan and financial projections to securing affordable loan capital that their growth requires.”Marcus A. Jackson, Vice President and Community Impact Manager for Fifth Third Bank, praised the partnership, saying, “We truly appreciate our partnership with Venture North. Their services are tailored to fit the unique needs of each business they serve, helping retain or create hundreds of jobs throughout northern Michigan.”
The Fifth Third Foundation has a long history of supporting programs aimed at creating strong and vibrant communities, reflecting their commitment to providing opportunities for growth and development. Their initiative reflects a holistic approach to community investment, tying business success to economic stability in the region.
Venture North plans to utilize the grant to expand its services further and reach more small business owners needing assistance. Specific timelines for how these services will roll out after the grant award have yet to be announced.