A MicroLoan can make a big impact.

MicroLoan applicants must submit an application form, demographics information, personal financial statements, business plan with projections, and other supporting documents to be considered for financing.

MicroLoans range from $2,500 to $50,000 and can be used 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
  • Contract financing

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
  • Will invest the capital to improve your business
  • Have a personal guarantee and/or can provide evidence that you can repay the loan
  • 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

Eligibility requirements

Your company must be:

  • Legally established and registered with the State of Michigan
  • A privately held company
  • A small business as defined by the small business administration
  • 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

Submission requirements

To be considered for an MWF MicroLoan, you’ll need to supply the following information/documents:

Business Plan

Your plan should show a sense of enthusiasm and optimism but be realistic and present enough information to engage the reader. The business plan should be a minimum of 10 pages and include:

  • Company Introduction. Describe your company and the unique aspects of your business. Elements generally covered in this introduction include the mission/vision for your company; overview – history, location, hours, and legal structure
  • Product/Service Description. Outline your product/service and explain what makes it 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/service different. Explain who, what, where, how, strengths, weaknesses, opportunities, and threats (SWOT analysis) of your product/service and that of the competition
  • Business and Revenue Model. Outline how your company will make money over the next three 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 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 the 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 of Personal Federal Tax Returns

Three (3) Years of Complete Business Tax Returns, if applicable

Additional Information

  • Copy of government-issued identification (i.e. driver’s license)
  • Copy of lease, deed, or property title, if applicable
  • If a non-profit, a copy of the 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

NOTE: A credit check and background check will be conducted as part of the screening process.

After submitting your application

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

If your application passes the 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 recommendations for approval, request more information, deny applicants,s or refer applicants to another lending organization.

Applicants may be asked to clarify submitted information, provide additional information or achieve additional milestones for the 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 email microloan@miwf.org or call 313.962.1920.