LendGR FAQ

What is LendGR?

LendGR is a community support program that offers both technical assistance and a microloan ready referral program for community members with limited access to capital and resources. Clients will work with student consultants out of the The Richard M. and Helen DeVos Center for Entrepreneurship & Innovation (CEI), in the Seidman College of Business.


Who is eligible for LendGR

The Technical Assistance and Microloan programs are available to low-income entrepreneurs that are in the early stages of business with barriers and limited resources. Business income cannot exceed $25,000 per year. Household income limits per person include: 1 - $35,000 2 - $50,000, 3+ - $75,000


What technical assistance is available through LendGR?

Services include, but are not limited to:

  • mentoring and coaching
  • business plan writing
  • financial planning
  • branding
  • social media development and management
  • marketing material
  • website building
  • pitch deck support
  • microloan readiness, etc.

Do I need to have already started a business?

No. We would like for you to have a well-thought-out idea that you are passionate about pursuing.


Do I need to have a business plan?

No. We can help you with writing one but would like the idea to be well-thought-out. If you have already started a business, we can help you write a new one or expand on what you started.


Do I have to pay for services/technical assistance?

No. Services are free to individuals with limited access to capital and resources.


What microloan options are available?

Through our technical assistance program, we help clients get loan ready for traditional lending options through our partner microloan program with the Opportunity Resource Fund, which ranges from $1,000-$5,000.


What are the microloan general eligibility requirements?

Please visit the Opportunity Resource Fund website at https://oppfund.org/small-business-loans to learn more about general requirements.


Use of Funds?

Borrowers must have a business plan, a designated business banking account and a clear purpose for all funds received. Funds may be used for:

  • working capital or the purchase of equipment
  • machinery
  • furniture
  • fixtures 
  • inventory 
  • supplies
  • Prototyping
  • Marketing and promotions
  • web development

No funds could be used to purchase real-estate or pay down existing debt


Do I have to pay back the microloan?

Yes. Repayment terms vary depending on the terms of the loan and amount. Terms will be finalized by the Opportunity Resource Fund.


Contact Information

If you have more questions, or would like to talk to one of our staff members about the program, please email: cei@gvsu.edu, or call 616-331-7582

 




Page last modified January 9, 2018