Michigan Entrepreneur Resilience FundOverview
With the generous support of MEDC, Michigan-based foundations, corporate partners, individual donors, and in collaboration with the SBA, the Michigan Entrepreneur Resilience Fund has secured funds to provide recovery grants and loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.
The Michigan Entrepreneur Resilience Fund will provide two primary avenues of funding:
- Grants: $1,000 - $5,000 grants to assist with reopening or pivoting your business.
- Microloans: $5,000 - $10,000 loans with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans.
- Your business is ready to reopen in, pivot in, and/or accommodate this new business environment.
- Your business is located + registered in the state of Michigan and you can provide a Certificate of Good Standing.
- Priority given to business located in disadvantaged areas and the following counties: Wayne, Oakland, Macomb, Genesee, Shiawassee, Lapeer, St. Clair, Tuscola, Sanilac, Huron, Kent, and Ingham
- You have generated business revenue for at least 12 months with a maximum of $500K in annual revenue and fewer than 50 employees.
- You can demonstrate a negative impact on your business operations due to COVID-19.
- You are able to submit a Cash Flow Forecast and Recovery Plan. A template will be provided by Michigan Women Forward within the application.
- (Recommended, Not Required) You are able to provide historical financial statements for your business (i.e. P&L Statement).
- You are a low-to-moderate income business owner. You can determine this using the table found here.
All grant eligibility requirements listed above are required to apply for a microloan PLUS these additional requirements:
- You are unable to access debt financing from a traditional source (i.e. banks, credit unions, etc.)
- You are able to provide the following documents:
- Tax returns
- Most recent business tax return (minimum of 1 year)
- 3 years of personal tax returns (most recent filings)
- Historical financial statements for your business (ideally a month by month P&L statement, however, quarterly will suffice)
- Projected business financials (i.e. P&L, Cash Flow, etc.) for expected term of loan
- Secondary income confirmation, if applicable (i.e. paychecks, stubs, etc.)
- Tax returns
FAQs and other applicable information can be found on the primary information page here.
How To Apply
Past MWF applicants:
- Please log in to your existing account, then choose to add a new submission.
- Please create an account, then choose to add a new submission.