By Ray Birch
BRIGHTON, Mich.—Helping tiny businesses to grow and expand is one of the best ways to support the community, according to one credit union that has found a unique way to do that.
The $2.6-billion Lake Trust Credit Union is the primary sponsor of a micro market located in downtown Lansing, Mich. The market (see photos) is part of the Middle Village area in the center of downtown. Middle Village is a new retail space, with the signs on the micro market reading, “Middle Village Micro Market, powered by Lake Trust Credit Union.”
“The micro market is an opportunity for entrepreneurs in our city to begin to explore the retail space—it's an incubator,” said Brandalynn Winchester-Middlebrook, EVP, chief people and purpose officer at Lake Trust.
The credit union is partnering with Downtown Lansing, Inc. on the effort. On its website the business group says its goal is to lower barriers to entrepreneurship by focusing on women and minority-owned businesses as “we build a downtown that represents all the citizens of Lansing.”
“The collaboration between Lake Trust and Middle Village has encouraged other retailers to invest in the area and expand their night and weekend business hours to improve foot traffic in downtown Lansing,” Winchester-Middlebrook added.
More Than a Dozen Participants
Since launching the program in 2021, 16 local merchants have tested and grown their businesses in the incubator space. Today, all of those businesses are still operating and 80% have moved out of the market and opened their own brick-and-mortar storefronts.
For example, Danielle Easlick, owner of Sylvia’s Sudsery—a self-care destination for vegan artisan soaps, bath bombs, shower steamers and more—said that a year after opening up in the market she is finalizing plans to move into a storefront on Washington Square in downtown Lansing.
The credit union-sponsored market is open Tuesday through Saturday, 11-7.
What the micro market does is give a fledgling business the resources, tools and education they need to take their organization to the next level, Winchester-Middlebrook explained.
“If they were to start out on their own it would be much more difficult for them to have everything they need,” Winchester-Middlebrook said. “This incubator gives them a low-cost startup space where they can test their idea or products and co-locate with other businesses that are in a similar place in their maturity.”
Support Provided
The credit union also provides the startups with financial courses—helping them understand financial basics for a business—and programs on branding and marketing. The price for all of its support is less than $50,000 annually, Winchester-Middlebrook told CUToday.info.
“We help them with all of the aspects of what it takes to run a successful business,” Winchester-Middlebrook continued. “We recognize the impact that small businesses have on communities and specifically the economic development of communities. This is an opportunity to help contribute to the success of those future and current business owners, ensuring the long-term viability of our downtown area.”
With its doors open to Washington Avenue, the micro market sits on the main corridor through downtown Lansing.
“When you walk into that storefront the different businesses are around that room. It's one big room with different shops inside,” Winchester-Middlebrook said. “They each have their own cash register and places to sell their products.”
Brandalynn Winchester-Middlebrook
Types of Business Vary
The retailers are varied and they change over time. There have been bakeries, soap makers, artists, clothing companies and more.
“We became a partner in 2021. We are the primary sponsor. It aligns with our mission of fostering financial well-being for members in the community,” Winchester-Middlebrook said. “These are folks that have their concepts already, and they have started pursuing that outside of this space, so these are not brand-new businesses.”
A number of these companies have moved forward and purchased their own retail space. Some have decided to take their business in a different direction, as well, Winchester-Middlebrook said.
“This is a testing and proving ground that allows folks to consider different elements before they launch off into something that has the potential to not be extremely viable, or a business plan that may not be that well thought through. This will let them know if they are on the right path,” Winchester-Middlebrook said.
Making Capital Available
Lake Trust Credit Union also makes sure it is present if the startups need access to more capital.
“We talk to the businesses about how Lake Trust can meet their business needs, how Lake Trust can help them as a credit union,” Winchester-Middlebrook explained. “It's mainly a community involvement effort, but if we get some loans or relationships out of it…But, again, our goal is to holistically ensure the success of these new businesses.”
