Empowering Businesses: State Small Business Credit Initiative

Fueling Growth in the UP and Northeast Wisconsin

About SSBCI 2.0 & LVD's Participation

The Lac Vieux Desert Band of Lake Superior Chippewa Indians (LVD) announces a new State Small Business Credit Initiative (SSBCI 2.0) & Collateral Support Financing Program serving businesses within Michigan's Upper Peninsula, and Northeast Wisconsin. The program, offering collateral support for commercial loans, stemming from a nearly $700,000 federal allocation.

This initiative represents a significant step in expanding access to business financing.

Program Objectives

Expand capital access for businesses across the Upper Michigan and Northeast Wisconsin.

Deploy $700,000 in federal funding plus matching resources to drive regional economic growth.

Deliver specialized financing solutions tailored to area entrepreneurs' needs.

Key Benefits for UP and Northeast Wisconsin Businesses

Collateral Support: Up to 80% of loan principal can be covered, reducing risk for lenders and increasing approval chances for businesses.

Focus on Underserved Markets: Special consideration for tribal member-owned businesses.

Flexible Fund Usage: Capital can be used for various business needs, including start-up costs, working capital, equipment purchase, and more.

Trust: Vetted and trained professionals dedicated to your home. We always give the best options to our clients.

Community-Centric Approach: The program supports key industries that drive economic development in LVD and neighboring communities, focusing on sustainable tourism, small business expansion, environmentally conscious food systems, and effective natural resource management.

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LVD SSBCI Program Specifications

This program structure is designed to facilitate access to capital for eligible area businesses while maintaining fiscal responsibility and promoting economic growth within the tribal community.

Eligibility Requirements

GEOGRAPHIC CONSTRAINT

Operations must be primarily conducted within the UP and Northeast Wisconsin.

BUSINESS SIZE

The enterprise must meet the U.S. Small Business Administration's definition of a "small business" within its respective industry.

EMPLOYMENT THRESHOLD

The business must not exceed 750 full-time equivalent employees.

You must be able to provide documents consistent with a commercial loan application.

Authorized Fund Utilization

CAPITAL IMPROVEMENTS

Including construction, renovation, or enhancement of business premises.

INITIAL OPERATIONAL EXPENSES

Covering costs associated with business initiation.

OPERATIONAL LIQUIDITY

Providing working capital for ongoing business activities.

ASSET PROCUREMENT

Enabling the acquisition of necessary equipment and inventory.

INTERIM FINANCING

Offering bridge loans pending permanent financial arrangements.

Key Program Features

Collateral Support:

For qualifying loans that lack sufficient collateral, the program will guarantee up to 80% of the principal amount.

Preferential Consideration:

Priority is given to enterprises that are:

Situated in rural locales
Owned by tribal members, minorities, or veterans
Demonstrating potential for job creation

For more information about a commercial loan through our program, send us an inquiry.

Submit your information below so we can walk you through the program details.