EAST LANSING, Mich. – Michigan State University FCU said it is offering a $25,000 grant to a local entrepreneur as part of the start of its small business startUP Loan Fund.
Entrepreneurs wanting to start a business in the tri-county area may apply for loans up to $15,000 to facilitate their business. The incubator fund has $250,000 to lend to local entrepreneurs.
One lucky business person will win the credit union’s $25,000 startUP challenge, which will be chosen by local experts. Participants will be asked to complete an application, business plans and a video pitch to enter.
“MSUFCU is excited to provide entrepreneurs with the means to start their own businesses,” said Patrick McPharlin, president of the $2.2 billion credit union. “We hope that the startUP Challenge and the startUP Loan Fund will attract more businesses to the area to help grow the local economy.”