JACKSON, Mich.–American 1 Credit Union said it has committed $5 million over five years and partnered with Lean Rocket Lab on a program to help small business owners gain access to capital in the form of a small business loan program.
The program, called Lean Rocket LOCAL, came out of a discussion between Lean Rocket co-founders Ken Seneff and Brandon Marken and American 1 Credit Union President and CEO Martha Fuerstenau over creating a local loan initiative, the credit union said.
“When American 1 and LRL started collaborating on Lean Rocket LOCAL, the goal was to launch a lending resource as part of the overall program designed specifically for early stage neighborhood-based businesses that traditionally struggle to get bank loans due to business history, personal financial and credit history,” American 1 said in a statement announcing the program.
Lean Rocket Lab has also received support from the Anchor Initiative and a seed contribution from the Walters Family Foundation of Milford, Mich., with a mission to “empower people to reach their full potential through innovative learning initiatives.”
Six-Week ‘Bootcamp’
According to the credit union, LOCAL powered by American 1 is a six-week bootcamp program, followed by several months of mentorship and pitch preparation for selected businesses. Through an application process, each chosen entity will have the opportunity to unlock milestone-based grants and consideration for additional funding through the new American 1 loan fund.
“For decades, we have invested in Jackson County and believe in the people that make up our community. The partnership with LRL allows us to take a step into small business lending while upholding our mission to create financial wellness in the communities we serve,” said American 1’s Martha Fuerstenau. “We look forward to working with small businesses in this community, who are the backbone of this county.”
If they are selected, applicants will then be vetted and required to pitch in front of the LOCAL Advisory Committee, who will select the top 10 as part of the 2022 LOCAL Fellows Program.
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