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MI
Northern Initiatives Michigan Small Business Loans
Provides MEDC-supported micro and small business loans through Northern Initiatives for Michigan startups and existing businesses.
About this program
Northern Initiatives is a certified Community Development Financial Institution that provides MEDC-supported loan capital to Michigan startups and existing businesses in its service area. Loans generally range from $5,000 to $250,000 and may be used for working capital, machinery and equipment, and inventory, with emphasis on underserved rural markets and women- and minority-owned businesses.
Eligibility
Eligible applicants are startup or existing businesses in Northern Initiatives' Michigan service area that need financing for eligible business uses and can meet CDFI underwriting requirements.
Requirements
- Business must be an existing or startup business in Northern Initiatives' Michigan service area.
- Loan request must generally be between $5,000 and $250,000.
- Funds may be used primarily for working capital, machinery and equipment, or inventory.