Helping Michigan small businesses grow
What do you need to take your business to the next level? For some, it’s new equipment, like a coffee roaster. For others, it’s digital marketing or a new employee. Whatever it is, we’re here to help.
As a certified Community Development Financial Institution (CDFI), we provide capital funding of up to $50,000 to small business owners. Our MWF Small Business Microloans are available to qualifying businesses throughout the state of Michigan. Our mission is to promote economic growth and investment in Michigan neighborhoods and expand the opportunity of entrepreneurship to everyone—including you!
About MWF Microloans
Loans CAN BE used for:
✔️ Start-up costs
✔️ Inventory
✔️ Equipment
✔️ Marketing
✔️ Rent
✔️ Payroll
Loans CAN’T BE used for:
❌ Repayment of other loans
❌ Investments
❌ Real estate purchases
❌ Payments to founders, owners or other company affiliates
Qualifying businesses are:
✔️ Legally registered in the State of Michigan
✔️ Start-up businesses
✔️ Established businesses
✔️ For-profit businesses
Non-qualifying businesses include:
❌ Academic institutions
❌ Multi-level marketing / pyramid sales
❌ Lending and investment institutions
❌ Cannabis businesses
Take the next step. Find out if you qualify!
Fill out our no-obligation form to see if you qualify for a MWF Small Business Microloan. It’s free, easy and the first step to take before officially applying for one of our loans.
Why an MWF microloan
- We’re dedicated to expanding opportunity. As a CDFI lender, our mission is to help more entrepreneurs realize the dream of owning a successful small business.
- We’re statewide. Some CDFIs focus on specific geographic areas within Michigan. Not us! We are authorized to provide loans throughout the state.
- Our loans aren’t just for women. Our name may be Michigan Women Forward but our CDFI small business microloans aren’t available exclusively to female entrepreneurs. Gender is not a factor in our loan qualifications.
- We offer technical assistance. Applying for a business loan can be difficult. That’s why we offer technical assistance to help guide you on the path to invest in your business and build your business credit.
- No prepayment penalty. We offer competitive rates, automatic payments and no prepayment penalty if you pay off your loan early.
- We pay it forward. When you pay off your MWF small business microloan, you can feel good knowing that those funds go back to our CDFI lending fund to allow us to give loans to more small business owners like you!
Ready to apply? Find out if you qualify!
Fill out our no-obligation form to see if you qualify for a MWF Small Business Microloan. It’s free, easy and the first step to take before officially applying for one of our loans.
Frequently Asked Questions
What’s the difference between a MWF small business microloan and a traditional bank loan?
Michigan Women Forward is a nonprofit Community Development Financial Institution. Our mission is to increase access to capital for business owners who may not qualify for a traditional small business loan, so they can build their business, generational wealth and the communities they serve. As a result, we offer more flexible underwriting standards than most banks offer. In addition, our loan clients can feel good knowing that the interest they pay on their MWF small business microloans goes back to the funds we have to invest in other Michigan small business owners.
How much can I borrow?
Our loans range from $2,500 to $50,000.
Do I need to have good credit to apply?
A loan applicant’s credit score is one variable of the approval process, but not the only one. Those with a sub-optimal credit score may still qualify.
What documents do I need to apply for a loan?
You will need a variety of documents to complete your MWF small business loan application. The key documents you’ll need are a business plan, 1 year of historical financials and 3 years of financial projections showing detailed revenue and expenses. After you pass our loan qualifying step, you will be sent a list of the key documents you will need to start the application process. If you have any questions about the documentation needed to apply for an MWF small business loan, a member of our loan team can assist you.
How long does the loan application take?
Expect Michigan Women Forward’s loan application review process to take 4-6 weeks following the completion of the application and submission of all required documents. This is the time needed to review, discuss with you aspects of your business operations, and present your loan application to our Loan Committee to make a determination on your loan approval.