The Lansing Economic Development Corporation (LEDC) Business Financing Assistance Program (BFAP) is intended to stimulate business development and create positive economic benefits in the City of Lansing.
Examples of positive benefits include: Rehabilitation or redevelopment of existing properties including environmental remediation and elimination of blight Creation of jobs Leverage and attraction of private investment and personal equity funds into the project Positive impacts on Lansing employment and property values Priority for creation and acceleration of businesses with high economic growth potential Diversification of the Lansing economy Critical improvements to the image and perception of Lansing Project Funding Considerations 1) Depending upon the availability of funds, the LEDC will consider loans on a case by case basis ranging from a minimum of $50,000 up to a maximum of $500,000. Other amounts may be considered at the discretion of the LEDC.
2) LEDC expects applicants to provide a minimum of 10% owner or partner equity (new cash investment) in each loan project (10% of total project costs).
3) The LEDC prefers to fill gaps in the overall financing of the project and not to be the primary lender.
Primary loans, if considered, will generally be at less favorable terms and interest rate than secondary loans.
Lansing Economic Development Corporation
Address: 401 S. Washington Square, Suite 100