Welcome to the Michigan Women's MicroLoan Fund. Please read all the information on this page before applying for a loan, as it will assist you in the application process.
The Michigan Women's MicroLoan Fund is a financing program available to women entrepreneurs and small business owners. It is often difficult for newly formed but promising businesses to obtain financing; the Michigan Women's Microloan Fund is designed to meet that need.
Once logged in, applicants are required to complete the application form, demographic information, personal financial statements, a business plan with projections, and other supporting documents. You will be required to pay an application fee of $75.
When reviewing your application, we look at a number of factors including if you:
- Have invested your own funds into the business
- Need the capital and are unable to obtain a loan from a commercial bank
- Can invest the capital to improve your business
- Have a personal guarantee and/or can provide evidence that you can repay the loan
- Are have the experience and passion to run a successful business
- Are locating your business in an underserved community
- Are considered to be in the low- or moderate income level
There is a closing fee of $200 that is payable at the close.
Please contact us 313-962-1920 if you have any questions.