MARKET, Michigan (WLUC) – Many business owners have chosen to apply for a second round of Payroll Protection Program (PPP) loans. Financial institution Northern Initiatives helped 87 businesses get federal aid this year. Of these businesses, 36 were located on the Upper Peninsula.
“We realized that some of the smallest businesses were left behind in the process,” said Elissa Sangalli, President of Northern Initiatives. “These are loans that, if done correctly, can become a grant. We really wanted to make sure our sole proprietors and small businesses can survive the pandemic. ”
Sangalli says that because local businesses are at the heart of the economy, Northern Initiatives wanted them to be able to keep going.
“What we consider to be microbusiness, which means fewer employees, are actually the largest employers in the entire state,” Sangalli said. “They range from restaurants to farms, pharmacies and entertainment venues.”
One of the entertainment businesses that the Northern Initiatives have helped with is the Sombrero Sound Company, which provides audio services for events such as HarborFest and Marquette Area Blues Fest.
“Last year’s sound season was completely canceled,” said Jim Supanich, owner and operator of the Sombrero Sound Company. “I haven’t had a single gig in 2020 and I’m counting on that to make my living.”
Supanich says he lived without income for about a year. He took action when he heard that Northern Initiatives was offering loans.
“Within three or four days, I was approved and received money from a PPP loan,” he said.
Supanich says he and others in the entertainment industry are excited to be back on the job this summer. He also expects a big turnout from the community.
“People are eager to leave,” Supanich said. “I think every live event this summer will be bigger and better than they’ve been in the past.”
While the Payroll Protection Program has ended, Northern Initiatives is offering other resources for small businesses in need. Visit northinitiatives.org for more information.
Click here to learn more about Sombrero Sound.
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