Eastern Leaders sets sights on micro loans, land bank

Wednesday, May 6, 2009 | Source: Concentrate
The Eastern Leaders Group has some lofty ambitions for Washtenaw County, but they all seem attainable when looking at their 33 page plan.

The group is made up of local leaders from the public, private and university community dedicated toward improving the eastern half of the county. The idea is to harness their collective power and influence to make these improvements, such as building on Eastern Michigan University's reputation and resources.

One of their checked-off goals includes the opening of the Ann Arbor SPARK East business incubator in downtown Ypsilanti this year. The group expects the incubator to help make Ypsilanti and the surrounding area more attractive to new economy firms and the high-paying jobs they create.

The Eastern Leaders Group also plans to push for a number of other tools, such as the creation of land bank and micro loans for promising start-ups. The land bank is expected to help save foreclosed property from demolition, put them back on the tax roles quickly and stabilize area with heavy foreclosure rates. The micro loans would help fledgling small businesses grow, especially in this time known for its credit crisis. They're part of larger goals aimed at stabilizing the area and developing local businesses.

These tools, especially the land bank, will also help the Eastern Leaders Group bring in more federal money to push its programs forward.

"What we're trying to do is leverage all of that funding," says James McFarlane, a project manager for Eastern Leaders Group.

Source: James McFarlane, project manager for Eastern Leaders Group
Writer: Jon Zemke
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