The new Microloan Program: Michigan Economic Opportunity Fund has launched statewide with funding of $10 million dedicated to providing loans up to $50,000 to women and entrepreneurs of color who don’t qualify for traditional loans through banks or other financial institutions. The Michigan Economic Opportunity Fund will diversify the economy by providing equitable access to capital for marginalized communities while helping build sustainable businesses, generate wealth, create jobs, and positively impact the state’s economy.
Entrepreneurs can apply for up to $50,000 in loans through this program. With the average loan managed by MWF at $25,000, the Michigan Economic Opportunity Fund will be able to assist approximately 400 entrepreneurs, women, veterans, and all entrepreneurs of color.
The initial funding for the program is supported by:
- Huntington National Bank
- Ballmer Group
- State Small Business Credit Initiative
- Michigan Economic Development Corporation