UP State Bank Offers Small Business Loans and Access to Federal Grants

Escanaba from a boat.

When local banks start to lend and fund small start-up businesses in their area we have the start of growth that impacts local residents directly (You can learn more about UP State Bank of Escanaba.). It is important for these businesses to find a place in the market change and upswing so wealth can be distributed through entrepreneurial activity in a way that directly impacts small businesses to fill opportunity gaps (i.e. local market problems). While this is a single incident posted in the news (there are likely many more), it is nevertheless an indication that there are some mechanisms in place to help entrepreneurs create start-ups and expand other businesses.

Focusing some of this on the downtown and creating packages of different grants, loans, and an administrator that can attract new businesses to the area and help them fund their vetted business plans make sense. Because we want our businesses to be contributing to tourism and our local lifestyle we want businesses downtown to have store fronts while still maximizing their income opportunities by selling outside the area. However, if we can find products that can be exported that will draw additional resources into the area they we should prioritize those a little (You need a balance of local oriented and export oriented to draw resources, new families, and new ideas.). 

Some of these start ups and already existing businesses will become bigger entities and some will fail. Its a natural cycle that weeds out good and bad ideas as well as ready and not ready business owners. Either way they will enhance the downtown and with each success and failure the resources that are drawn into the area will work their magic as entrepreneurs improve their businesses and in turn the area. If an entrepreneur fails they are the type that will try again in a few years after the sting stops hurting so attracting them to Delta County has a longer investment tail. Diligent opportunities learn to do it better next time! See Schumpeter Innovation

The grant is called FHLBI’s Elevate Grant Program and FHLBI's Bank of Indianapolis. 

See article.

 UP State Bank Helps Small Business