Flint and Saginaw entrepreneurs are sought to apply for a $10 million Michigan Economic Opportunity Fund loan program that is expected to assist approximately 400 small business owners across the state.
Managed by Michigan Women Forward, the Michigan Economic Opportunity Fund is a microbusiness loan program funded by the Michigan Economic Development Corporation, Huntington Bank and the Ballmer Group.
Entrepreneurs from historically disadvantaged communities, including minority-, women- and veteran-owned small businesses, can apply for up to $50,000 in loans through this program.
“This find is about filling in a gap that exists for too many entrepreneurs in communities like Flint,” Lt. Governor Garlin Gilchrist II told MLive-The Flint Journal. “... For entrepreneurs who historically have not had real access to traditional capital and bank financing.
“This $10 million fund is designed specifically to be able to mobilize small loans to those businesses that are in their beginning stages from those communities.”
One of the most common takeaways from visits with small business owners from marginalized communities is that they need access to more resources, Gilchrist said.
They aren’t looking for handouts, but for partners, Gilchrist said. Through this program, Michigan can be that partner.
Entrepreneurs in communities like Flint, Grand Rapids, Jackson, Kalamazoo, Lansing, Midland, Pontiac, Saginaw and Ypsilanti are all urged to apply to the fund that will provide opportunities for socially and economically disadvantaged groups.
The Michigan Economic Opportunity Fund will lend to entrepreneurs that don’t qualify for traditional loans through banks or other financial institutions, according to a news release from the state.
“The Michigan Economic Opportunity Fund will change the trajectory of a Michigan small business owner,” said Carolyn Cassin, president and CEO of MWF. “This funding will build a sustainable business, generate wealth for that individual, and ultimately, impact the state’s economy and create jobs in the communities in which we live.”
Interested parties can apply for loans by visiting www.miwf.org or calling 313-962-1920.
Applicants are required to submit an application, demographic information, personal financial statements and a business plan for consideration, according to the release.
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