A Microloan Can Make A Big Impact.
Michigan Women Forward’s Microloan Fund provides entrepreneurs with access to capital in the form of microloans between $2,500 and $50,000 in size.
The purpose of the fund is to support the growth and development of Michigan entrepreneurs and businesses, with an emphasis on empowering women entrepreneurs and entrepreneurs of color. Our goal is to create a dedicated source of capital for Michigan entrepreneurs who, for a variety of reasons, do not have access to traditional sources of capital.
Michigan Women Forward targets small businesses needing capital to spark initial business moves or drive new strategic change in their business. Our hope is that we can provide these businesses with the capital they need to grow efficiently and effectively, and ultimately be prepared to secure funding from more traditional sources of capital.
Through our relationships and efforts with various financial institutions like Huntington and Fifth Third Bank as well as other organizations such as ProsperUS and Build Institute, we are able to provide entrepreneurs with the capital needed to fund their desired projects while also giving them resources and connections to develop their business from a strategic sense
MWF’s Microloan Fund At A Glance
- MWF has given out 165 loans totaling more than $3.4 million with 93% repayment.
- About 30 loans totaling more than $600,000 are given out every year by MWF.
- The average loan given by MWF is around $20,000 with an 8% interest rate over 3 years.
- MWF is the only public, statewide microlender in the State of Michigan.
Are You Eligible To Apply?
- 51% owned or led by a woman considered to be low- to moderate-income
- 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
- Planning 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
What Can I Use The Money For?
- 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 an expectation of 50% financing by applicant)
- Contract financing