Michigan Women's Foundation

Michigan Women's MicroLoan Fund

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. 

Loan Description

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.

To Apply

To discuss the process, please contact MicroLoan Fund department at microloan@miwf.org or 313.962-1920 for an appointment.

MicroLoans range from $2,500 to $50,000 and may be used for any of the following:

  • Purchase of inventory
  • Working capital
  • Start-up costs
  • Purchase of equipment or leasehold improvement directly related to the growth of the business
  • Loan subordination
  • Business acquisition (with expectation of 50% financing by applicant)
  • Contract financing

Applicants are required to complete the application form, demographics 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. 

Eligibility Requirement

Company must be:

  • 51% owned or led by a woman considered in the low to moderate income range
  • Legally established and registered with the State of Michigan
  • A privately held company
  • A small business as defined by the Small Business Administration
  • Based in Michigan (Please note that the majority of our funds available for loans are for companies based in, near, or serving Detroit. If your company is outside of Detroit, please email us with your location before you apply so we can let you know if we have funds available to loan.)
  • Majority owned by a resident of Michigan.
  • Plan to use funds for future expenses. Loan funds may not be used for prior expenses, repayment of loans or capital contributions, investments, payments or distributions to founders, principal, owners or affiliates of the company.

Business Plan Overview

Your plan should show a sense of enthusiasm and optimism, but be realistic and present enough information to engage the reader so they continue reading.

Detailed Business Plan (10 pages maximum):

  • Company Introduction. Describe your company and the unique aspects of your business. Elements generally covered in this introduction include mission/vision for your company; overview - history, location, hours, and legal structure.
  • Product/Service Description. Outline your product(s)/service(s) and explain what makes your product(s)/service(s) unique. 
  • Market. Industry analysis-scope, nature, size, growth, trends; customers’-profile, geography, buying behavior.
  • Market Analysis. Define the size of your market, your target market and the growth potential of the market. 
  • Competition. Research who your competition is and what makes your product(s)/service(s) different. Explain who, what, where, how, strengths, weaknesses, opportunities, threats (SWOT analysis) of your product(s)/service(s) and that of the competition.
  • Business and Revenue Model. Outline how your company will make money over the next 3 years. 
  • Operations. Describe who will run the business and how will it be managed. 
  • Management and Founder. Provide resumes for key employees and explain their qualifications for their organizational responsibilities. 
  • Use of Funds. Provide detail as to how funds will be used. Be sure to include precise detail and not just guesses. 
  • Strategy for growth and loan repayment. Show in your financials how loan will be repaid and how your company will grow. 

Three (3) Year Financial Projections

  • Income Statement
  • Cash Flow Statement
  • Balance Sheet
  • Management Resume (1 page per person)
  • Personal Financial Statement(s) 
  • Three (3) Years Personal Federal Tax Returns
  • Three (3) Years Complete Business Tax Returns, if applicable

Additional Information

  • Copy of Government Issued Identification (i.e. Michigan State ID)
  • Copy of lease, deed, or property title, if applicable
  • If a non-profit, copy of IRS tax exempt letter
  • Certificate of Good Standing with the State of Michigan
  • Explanation of credit history hardships, if applicable
  • Two recommendation letters, if applicable
  • Copy of The Women’s Business Enterprise Certification, Business License, Incorporation documents, Industry Related Licenses/Permits, and/or City Licenses, if applicable

The following will be conducted as a part of the screening process:

  • Credit Check
  • Background Check

To Get Started

To learn more about the Michigan Women's MicroLoan Fund or to begin the MicroLoan process, please schedule an Office Hours appointment by contacting Meaghan McLaughlin mmclaughlin@miwf.org.  Additionally, watch this space for upcoming orientation dates.

Application Submissions

Once your loan request has been moved to the application process, please allow 4-6 weeks for review of all uploaded documents. You may be required to supply additional information or explanations for information received. 

If application passes initial screening (credit check, financial projections, background check, etc.) by our loan fund officer, it will be presented to our Loan Advisory Committee for approval.

Advisory Committee members will discuss applications monthly and make a recommendation for approval, request more information, deny applicant or refer applicant to another lending organization.

Applicants may be asked to clarify submitted information, provide additional information or achieve additional milestones for final decision.

Applicants will be notified of receipt of their application and status in the process.

If you have any questions regarding the Michigan Women's MicroLoan Fund, please contact:

microloan@miwf.org or 313/962-1920

Microloan Fund News

Michigan Women Forward is working with Celant Innovations to automate all their loan documents. Read more here: Celant Innovations Press Release