Michigan rolls out new microloan fund available to state entrepreneurs

Published: Mar. 16, 2023 at 4:21 PM EDT
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LANSING, Mich. (WNDU) - A new resource is available for business-savvy Michigan residents!

The state announced the launch of its “Michigan Economic Opportunity Fund,” a business loan program designed for women and entrepreneurs of color. The $10 million program will give “microloans” to approximately 400 applicants, with the average loan sitting around $25,000 per applicant.

The program is meant to provide opportunities for those who are socially and economically disadvantaged due to a lack of access to capital and credit, as well as boost the economy throughout Michigan.

Lt. Gov. Gilchrist released a statement on the kick-off of the program, stating that it was a step forward for economic equity.

“To build a strong economy, we need to make sure that every Michigander can be part of our state’s economic momentum. That’s why we are making this investment today to help women, veterans, and entrepreneurs of color start and grow their successful businesses,” said Lt. Gov. Gilchrist in a press release. “Team Michigan, together with our community and economic partners, is making it clear that here, in Michigan, we welcome people of all backgrounds to launch their ideas and build their futures in our great state.”

The fund will be managed by the Michigan Women Forward institution, which is a certified community development financial institution. The application process will be moderated through its website, along with referrals made by its banking institution partners.

All applicants must submit an application form, demographic information, personal financial statements, a business plan with projections, and other supporting documentation for consideration.

Those who are interested in applying for the loan, or want to learn more information, can click here.