November and December 2023
No interest loans are being issued to Black owned businesses in Detroit. The non-profit BLD is running the program, with applications available. The business must be running for at minimum one year and be majority Black owned. Read more here on the interest free loans. https://www.blackleadersdetroit.org/nointerestloan
Oakland County businesses can get up to $200,000 loans from CEED Lending, which is the lending arm of the Great Lakes Women’s Business Council. The funds will help businesses recover from COVID, with the money allocated to service sector companies in particular women, veteran, and minority owned. For applications, call 248-238-7680.
September and October 2023
Metro-Detroit Black Business Alliance (or MDBBA) and Prudential are helping Black business owners in Detroit start an investment account and get financial advice. $2,500 grants, as seed money, will be provided to those who are selected, and the money will be placed into an investment account. The assistance is known as Black Small Business Investment Program, and apply here. https://forms.zohopublic.com/metrodetroitblackbusinessallia/form/StackwellPrudentialPathways1/formperma/7_3_HpHPTbsA2knP_NJ68ptPPaA5Q6M6qt382kflQxk
Lapeer County Community Support Council is providing grant money to women that need educational support. The money is for “non-traditional” or “non-direct costs”, such as transportation, child care and other bills. Learn more. https://lapeercountycf.org/the-womens-fund/
June 2023 and July 2023
Black-Owned Business Pitch Competition is available from the Michigan SBDC in Grand Rapids. There will be 3 awards provided, with a total of $10,000 in free grant money available. All applicants need to be Black women or male owned small businesses, and get details here. https://michigansbdc.org/pitch-black-gr/
New Economy Initiative is providing grants to underserved businesses in Michigan. This include minority-owned, LGTBQ+, veteran and small businesses that have been locked out of the banking sector. The money is part of a Small Business Network Fund from the charity, and apply here. https://neweconomyinitiative.org/
Michigan Veteran Entrepreneur-Lab (MVE-Lab) is accepting applications this year. It is a 3 month long accelerator program for small, veteran owned businesses in MI. There will also be a pitch contest with a free prize-0grant money paid out to the winner. The accelerator will start in November with applicants across MI. There is also legal help, marketing support and other assistance given. Learn more here. https://www.gvsu.edu/mve/
100 grants from Comcast will be provided in Macomb, Oakland, Wayne, and Washtenaw County. The program is focused on economic inclusion, so priority is for minority, women, and veteran owned small businesses in the region. The financial assistance, as well as marketing support, is part of the Comcast free grant program known as RISE stands for representation, investment, strength and empowerment, and learn more here https://www.comcastrise.com/faq/
March and April 2023
Female entrepreneurs and small women owned businesses can apply for a free grant, free coaching, mentoring and more from the Olga Loizon Memorial Foundation. Up to $10,000 will be provided to qualified businesses. The funds are offered statewide. The money is being paid out from her foundation, and apply here for a free $10,000 grant. https://www.olgas.com/foundation-apply/
Women or entrepreneurs of color, as well as small business owners / sole-proprietors, can apply for interest free micro-loans as part of a program provided by Michigan Women Forward (MWF) as well as the Michigan Economic Opportunity Fund (MEOF). The two organizations are partnering together to help disadvantaged businesses get the funds they need. Up to $50,000 will be provided to each qualified business. Apply here. https://miwf.org/ or try this option https://miwf.org/wei/mwf-microloans/
Grants and loans were also offered last year to minorities, women, and others in 2022. Locate 2022 business assistance programs in MI.
By Jon McNamara