A new program designed to help area small businesses gain access to capital has received a financial boost of its own in the amount of a $90,000 grant from the Grand Rapids Foundation. The grant will be spread over three years.
Kent Area MicroBusiness Loan Services (KAMLS) was developed by the Small Business Development Center, a part of GVSU's Seidman School of Business. A 30-member panel of community leaders met during the past 18 months to create the organization. KAMLS will be a separate, community-based organization including participation by GVSU, 18 area banks, nine business service organizations, two professional service providers, and two federal regulatory agencies.
The synergy between the broad range of greater Grand Rapids community groups that have come to the table has driven this new program's successful start-up, says Carol Lopucki, KAMLS Interim President and Director of the Small Business Development Center.
All of the participants and one truly supportive community made it a natural opportunity for all to foster the growth of small business.
In addition to providing loans, KAMLS leaders plan to offer related business services for the loan candidates, including education and training.
Support for KAMLS comes in particular from the George M. Ames Fund established through the Grand Rapids Foundation. Ames was an engineer for the City of Grand Rapids in the late 1880s. He was best known for being a progressive thinker. Later in his career, Ames bought interest in the company now known as Owens-Ames-Kimball.
