New Model Bank Program for Start-ups

The National Dialogue on Entrepreneurship has a report on a new bank program that could be a model for many communities:
“Traditionally, banks have been somewhat stingy about backing start-ups. But, a new program from Kalamazoo, Michigan may begin to change this perception. Southwest Michigan First, an economic development organization based in Kalamazoo has organized the Kalamazoo Bank Consortium for Innovation. Eleven banks have joined the Consortium, and they have all agreed to work more cooperatively with local start-ups, especially those focused on the life sciences. The banks will work with these firms to provide financing, to review business plans and marketing strategies, and to link new start-ups with business leads and other partnering opportunities. While this effort is quite new, it may offer a model for other communities seeking to expand financing options for entrepreneurial businesses.”
The web site for this program can be found here. This program is a very targeted initiative for the life sciences, but it could be applied to other settings and local economic environments.