GRAND RAPIDS, Mich. (WOOD) — Kent County has approved a $1.2 million grant to help provide loans to Latino entrepreneurs.
“It’s a turning point for our Latino businesses,” Melissa Boughner, the president of the Hispanic Center of Western Michigan, said.
The Hispanic Center made the announcement at its headquarters Thursday morning. The loans aim to give new and emerging Latino business owners a helping hand to grow and thrive.
“It is incredible to receive support from Kent County at this level,” Boughner said. “It’s quite the statement to say, ‘We believe in the Latino community. We know the impact they have. We can’t ignore it. We want them to continue to be a prosperous part of our community.’”
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The goal is to help entrepreneurs who don’t qualify for traditional loans at the bank, whether it’s because of their financial history or because of language barriers.
Starting Monday, those interested can call the Hispanic Center and be screened for the loan that best fits their needs. The loans range from $1,000 to $250,000.
The Hispanic Center is teaming up with two community development financial institutions, known as CDFIs, that support undeserved communities.
“It’s really to get you to that next level to be bankable,” said Alexis Hill, a loan officer for Opportunity Resource Fund, a CDFI part of the program. “So you can get that generational wealth and grow your business. A lot of these businesses can be stunted just because they can’t have access to capital.”
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It’s not just the money. Business owners can also get marketing, literacy and technical help that’s in Spanish.
As West Michigan’s Latino population continues to grow, the Hispanic Center hopes these efforts will create more opportunities for the community to build lasting wealth and stability.
“In the midst of everything happening in our nation, this is good news for our Latino community and for us at the center,” Boughner said.
More information is available on the Hispanic Center’s website. While only Kent County residents are eligible for this program, Boughner said the Hispanic Center plans to launch other initiatives soon to help Latinos across West Michigan, including on the lakeshore.
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