Last Updated on August 23, 2023 by Hannah Stevens
Many grants and loan programs are available to small- to medium-sized businesses that are owned by veterans, minorities, women or veterans in Michigan. There are many lenders, such as banks, credit unions and government agencies. They can also help with the financing of a business’s growth or start-up. Below is a list of grant and loan programs in Michigan that may be available near you.
These funds will help women-owned businesses, Black-owned businesses, Latino businesses and Veterans get the financing they require. Grants are available for Black women in Michigan as well as other grants for women owned businesses. Each agency will have its own application process. You should apply quickly as funds tend to move quickly. However, new lenders are available, including banks, the federal government and private donors. They are constantly donating more money to the greater Michigan area.
Grants are available as low-interest (or cost-free) loans programs in Detroit, Grand Rapids and Lansing. Below, you can find out how and where to apply for loans or grants that are free for your business. Find out how to obtain capital to start your business. Many agencies offer financial assistance, guidance and other resources to women, minority-owned companies, BIPOC (Black Indigenous, People of Color), or anyone who is interested in starting a business.
Loans and Free Grants for Minority or Women Businesses In Michigan
This list of financial assistance programs will be updated every day. There are many loan programs and grants that can be used to assist Black-owned businesses, women-owned businesses, LGBTQ, or other minority businesses. Below are some options for funding: banks, credit unions, corporations, or any other program. Help is available for MWBE and low-income and/or disadvantaged businesses in Michigan.
Year Round Financial Help
You can find information about free MWBE and veteran grants, as well as business coaching services, that are available all year. Scroll down to find monthly loans, grants, and other free services for businesses in Michigan.
Statewide Michigan Assistance Programs for MWBE
Community Development Financial Institution (CDFI)
Also known as MIWF – Michigan Women’s Forward, is a Microloan lender. You can also find other workshops for business, STEAM workshops, volunteer opportunities, and a Girls For Change Program. A loan or any other assistance/advice is available to all businesses. However, the focus is on women, which includes Latinas, Black women and those who are disadvantaged. The lender may occasionally offer grants.
This programme is similar to one of the free grants and loans for minority and women owned businesses in Minnesota, the Minneapolis-St. Paul WomenVenture.
The Build Institute
This non-profit is a Trustee of Kiva and can issue interest-free loans. They can also provide financial assistance in partnership with other businesses. A MWBE, veteran, and LGBTQ business can borrow $15,000, but this is a crowdfunding program. Many borrowers have poor or low credit scores. The Institute will provide support, guidance, mentoring, and assistance for the borrower.
Michigan Woman Forward (MWF)
This group that focuses on women of all ages, is aimed at teenagers and up. The WomanUp business pitch program is available for investors and startup companies. Microloans up to $50,000 are available to women entrepreneurs with low or no credit. Other capital raising programs are available, as well as information about college scholarships and STEM-training.
Detroit And Surrounding Counties Grants, Loans, And Financial Aid
Black Leaders Detroit
Black Leaders Detroit offers a variety of assistance programs for Black and African American owned businesses. Sometimes grants are available. The other assistance include social media networking, Neighborhood stabilization, and other assistance programs. These are available to assist minority owned businesses (and the wider community) in Detroit.
Detroit Development Fund
They provide capital to small businesses located in the city. The majority of the advice and assistance is provided to business owners who are unable to obtain loans or grants from banks. Many of these clients will be from disadvantaged companies, including women, minorities, and veterans businesses. The Detroit Development Fund will also help applicants with poor credit or no credit. There are many other programs that offer small business assistance.
Detroit Means Business
They serve as a resource center for start-ups and small businesses. It’s a resource center. They provide information about free government and corporate grants, workshops, seminars, and other assistance programs in Detroit. These programs include mentoring, business accelerators and certification for minority/women. Moreover, the focus is on veterans, minorities, women, and disabled businesses.
Restore the Village Fund
They Provide financial assistance to minority-owned businesses in Detroit, Wayne County and surrounding areas. Free coaching, grants and other assistance are available to assist businesses in getting started or helping them grow. Both for-profit and not-for-profit organizations can receive financial assistance and grants free of charge. Black Leaders Detroit is accepting applications.
Black Business Alliance (MDBBA
The Black Business Alliance is available for Black owned businesses in Metro Detroit. The city has a free access center. Businesses can access free internet, network, grant and loan programs, computers and other support. The Detroit Black Business Alliance offers other assistance, including support for existing and new businesses, as well as those starting up.
Hatch
Brick-and-mortar businesses in Detroit can apply for Hatch. This program grants up to $50,000 per year to Detroit-based stores that have a physical address. Financial assistance is also available to intendent stores. However, the focus is on Detroit’s disadvantaged businesses (which are often women, veterans, and minorities). This grant is in the form of a contest where you will need to pitch your business plan.
Great Lakes Women’s Business Council (GLWBC)
The Great Lakes Women’s Business Council (GLWBC) is a non-profit which covers Oakland County. They are also working in conjunction with the Economic Development Department, another non-profit. There are many services available to businesses, including networking, mentoring, funding opportunities, pitching, grants and scholarships referrals, as well as entrepreneurship programs. The center assists women of all races and backgrounds.
Other Areas Of Michigan
El Concilio
El Concilio offers assistance to Hispanic owned businesses in the Kalamazoo region. The non-profit offers a variety of services including financial literacy, education, and cultural classes. They also have a focus on helping Latinos to start and continue their businesses. It can also refer clients to government grants, loan programs, credit repair for bad credit, and other services.
Economic Development Corporation of Genesee County and Flint
They offer an interest rate as low as 2%, and funds used for specific expenses. Women and minority owned small businesses must also be dedicated to creating new jobs.
West Michigan Hispanic Chamber of Commerce
They provide information about capital raising, business plan development, interest-free loans or grants, as well as support. It is home to hundreds of people and companies. You can take classes in finance, building bridges through education, networking, and many other topics.
People’s Food Co-Op
The county’s main goal is to assist “food deserts”, which are areas that lack healthy food options or grocery stores. These locations include many where there are minorities, Black, Latino, White or people with low-income. You can get assistance with business development, capital raising such as loans or grants, and other support. However, this is only for food or meal related Kalamazoo businesses.
This programme is similar to one of the free grants and loans for minority and women owned businesses in Massachusetts, the Nibble Entrepreneurship Program.
West Michigan Region of Michigan Small Business Development Center (SBDC)
They offer free business development services, applications to financial help and other resources. Moreover, they assist women and minorities business owners in Grand Rapids. They also provide market research assistance, free consulting, application to grants and SBA loans, as well as other services.
SCORE of Southwest Michigan
SCORE is a resource for small businesses and startups in Southwest Michigan. The agency is non-profit and affiliated with SBA, and they are based in South Haven or Kalamazoo. However, they also cover the whole state. The non-profit is working in conjunction with KIVA in order to provide small business owners with (1) capital in the form 0% APR loans and (2) mentoring and counseling at no cost. You can get financial assistance as well as advice from diverse mentors including women and people of color.
