Small to medium sized minority, women, or veteran owned businesses in Michigan can get financing from various free grant as well as loan programs during 2022. Lenders, including banks, credit unions, government agencies, corporations and others provide funds to help them start or grow a business. Find an updated list of loan as well as grant programs available in Michigan below that may be near you.
The funds are aimed at helping women owned businesses, Black owned companies, Latino businesses, Asian, Veterans and other disadvantaged groups get the financing they need. There are also grants for Black women and other female businesses in Michigan. Each and every agency will have their own application process in place. Note that in general the funds go quickly, so it is recommended to apply as soon as possible. But new lenders, whether a bank, the federal government, private donors, etc. are always providing more money to the greater Michigan community.
There are grant as low cost (or interest free) loan programs in Detroit, Grand Rapids, Lansing, Ann Arbor and across the state. Find how, and where, to get loans or free grants for your business below. Or find how to get capital to start your company. A number of agencies provide financial assistance, guidance, and other resources for women as well as minority owned companies, BIPOC (Black, Indigenous, People of Color) or those seeking to start a business.
Find loans and free grants for minority or women businesses in Michigan
The list of 2022 financial assistance programs below will be updated daily. There are a number of loan programs well as well as grants available to help Black owned companies, Women businesses, LGBTQ, and other minority businesses. Find funds from a bank, credit union, corporation or other program below. MWBE businesses and other low income and/or disadvantaged companies in Michigan can get help.
Year round – ongoing financial help
There are free MWBE or veteran grants, business coaching services and other assistance programs offered year round, and they are listed immediately below by category. In addition, continue to scroll down the page for monthly loans, grants and free business services in Michigan.
Statewide Michigan assistance programs for MWBE
A Community Development Financial Institution (CDFI) known as MIWF – Michigan Women’s Forward is a Microloan lender. They also offer other business workshops, STEAM workshops, a Girls For change Program, volunteer opportunities and more. Any business can apply for a loan or other free assistance/advice, but a focus is on women, including Latinas, Black women, immigrants and the disadvantaged. From time to time government grants may also be provided by the lender, and find more details on their services here. https://miwf.org/grow-your-business/apply-for-a-loan/
The Build Institute is available across Michigan. The non-profit is a Trustee 0f Kiva, meaning interest free loans can be issued. They also offer financial aid in partnership with other companies. The amount a MWBE, veteran, or LGBTQ business can borrow is $15,000, but it is a crowdfunding type program. Many borrowers have low or poor credit scores. The Institute will also provide ongoing guidance, support, mentoring, and assistance to the borrower. Learn more on the non-profit here. https://www.buildinstitute.org
Michigan Founders Fund is made up of existing business owners who want to help others start a company or grow their business. There will be occasional grants as well. The goat of the Fund is to help businesses that a larger cause, such as education, equal rights, social causes and more. Find details here. https://michiganfoundersfund.org/
Michigan Woman Forward (MWF) is a group that is focused on women of all ages, from teenagers on up. There is the WomanUp business pitch program for starting a company and finding investors. In addition to that, microloans of up to $50,000 can be provided to female entrepreneurs, including those with limited or no credit. There are other capital raising programs, information on college scholarships and STEM training and more. Learn about the non-profit here. https://miwf.org/
The Olga Loizon foundation has, from time to time, $10,000 grants for women owned businesses in Michigan. All applicants need to be based in Michigan, have a business plan, and meet other criteria. This is a grant program that relies on donations and opens up from time to time to provide financial assistance. The team at Team Schostak Family Restaurant determine recipients. Learn more on the Loizon foundation here. https://www.olgas.com/foundation/
Detroit and surrounding counties grants, loans, and financial aid
Black Leaders Detroit overs a wide range of assistance programs to Black and African American owned businesses. From time to time grants are issued. There is social media networking, Neighborhood stabilization and other assistance programs to help minority owned businesses (and the larger community) succeed in Detroit. Learn more here. https://www.blackleadersdetroit.org/
Detroit Development Fund helps small businesses that are located in the city access capital. Most of the assistance and advice is for business owners who can’t get loans or grants from banks or other sources. A large percentage of those clients will be disadvantaged businesses – minorities, women, veteran, etc. In addition, the Detroit Development Fund will also tend to help applicants with bad or no credit. Several other small business assistance programs are offered too. Learn more https://www.detroitdevelopmentfund.com/
Detroit Means Business is a resource hub for small businesses, start ups, and anyone interested in entrepreneurship. It is a resource hub. Get information on free corporate and government grants, find workshops and seminars, and learn about the various assistance programs offered in Detroit. Programs include mentoring, business accelerators, minority/women certification and interest free loans and so much more. A major focus is on veteran, minority, women and even disabled businesses. Continue reading. https://www.detroitmeansbusiness.org/
Detroit and Wayne County – Restore the Village Fund is for Black and minority owned businesses in Detroit and Wayne County. There are grants, free coaching services, startup help, and other advice to help (1) a company get started or (2) assist current businesses. Free grants and financial support is offered to both for-profit and non-profit organizations. Black Leaders Detroit overseas the applications. Read more. https://blackleadersdetroit.org/
Metro Detroit Black owned businesses can turn to the Black Business Alliance (MDBBA). They operate a free to use center in the city. Business owners can get free internet, network, research grant and loan programs, use computers, and get other support. The Detroit Black Business Alliance also operates many other services for start ups as well as existing companies in the region. Find out about the center and alliance here. https://mdbba.com/
Detroit brick and mortar businesses can apply for a grant from Hatch. In general, up to $50,000 is provided one time per year to stores with a physical location in Detroit. The financial assistance is for intendent stores, with a focus on disadvantaged businesses in Detroit (which tend to be women, minority, veteran, etc). The free grant is a form of contest with a pitch and business plan required. Apply here and learn more. https://hatchdetroit.com/
Oakland County Michigan businesses and start ups can contact the Great Lakes Women’s Business Council, or GLWBC. The non-profit covers Oakland County. The non-profit partners with the Economic Development Department. A number of business services are offered, including entrepreneurship programs, networking, pitch opportunities for raising money, referrals to government grants, scholarships and more. They assist women of all ages, races, backgrounds, and many Black and Brown women use the center. Find details here. https://www.wbenc.org/programs/
Wayne County Small Business Hub offers a number of assistance programs, including free grant money. The funds are provided along with other support, such as accounting services, marketing, online website development, business plans and legal aid. The Hub is run in partnership with many non-profits and corporations, including the Ford Foundation, William Davidson Foundation,, Hudson-Webber Foundation, JPMorgan Chase, Ralph C. Wilson, Jr. Foundation, W.K. Kellogg, and The Kresge Foundation. Learn more on the HUB and free grants here. https://www.waynecounty.com/smallbusiness/home.aspx
Wayne State University has programs, including the Detroit Center for Black Studies, that help African American-Black owned businesses launch. The assistance is for Alumni of the college as well as other minorities from the community. A wide range of classes, grant money and other support is provided. Read more here. https://wayne.edu/programs
Other areas of Michigan
Berrien County and SW Michigan is supported by the Women’s Business Center at Cornerstone, which offers a wide range of free business services. The focus is on women, veterans, and businesses owned by people of color – disadvantaged businesses. Everything from coaching help to workshops on starting a business, e-commerce and information on free government grant programs or loan offerings are offered. They cover all aspects of a business, including getting capital. More information here. https://www.cornerstonewbc.com/
El Concilio provides assistance to Hispanic owned businesses in the Kalamazoo area. The non-profit provides a number of services, ranging from education to financial literacy, cultural classes and more. One focus is on helping Latinos start or to continue to operate their business, and the non-profit can refer clients to loan programs, government grants, credit repair for businesses with bad credit and more. Find details. https://elconciliokzoo.org/
Economic Development Corporation of Genesee County and Flint has a resolving loan fund. The interest rate is lower (as low as 2%) and the funds are targeted for certain expenses or needs. The small women and/or minority owned business also needs to be committed to creating jobs. Read more. https://www.flintandgenesee.org/economic-development/small-business-revolving-loan-fund/
Flint Michigan women owned businesses (and entrepreneurs) can turn to Sisters Supporting Sisters. The non-profit provides assistance for everything around mental health and social services to also help for women owned businesses and start ups. There is a free center in which female owned businesses can network, get access to computers or technical help, and also get publicity. They also have workshops on raising capital, grants and more. Read about the non-profit here. https://www.sistersworldwide.org/about
Grand Rapids Latino and Hispanic businesses can get information on raising capital, business plan development help, information on interest free loans or grants, and other support from the West Michigan Hispanic Chamber of Commerce. Hundreds of companies and people are part of it. There are classes on finances, Building Bridges Through Education, networking events and so much more. Continue reading. https://westmihcc.org/
Grand Rapids GROW (formerly known as Opportunities for Women) helps businesses of all genders, ethnicities, and races. Everything from free business training to assistance in raising money (loans or grants) may be offered. While any small business in the Grand Rapids area can apply, a major focus is on providing free grants or loans to women or BIPOC owned businesses, Read more here on the CDFI. https://growbusiness.org/
Kalamazoo businesses that are involved in food/meals (grocery stores, restaurants, breweries, bakeries, farmers markets, etc.) can get help from the People’s Food Co-Op. One major goal is to help “food deserts” in the county, meaning places in which there is a lack of healthy grocery or meal options.. Many of these locations are minority, Black, Latino, white, or just low income communities. Get help with business development, raising capital such as grants or loans and other support. Continue reading. https://www.pfckalamazoo.coop/
Greater Kalamazoo Business Resources has a number of programs, including 0% interest loans for women, minorities, and veteran owned businesses. They work with Kiva on crowdfunding and the interest free loans. A major focus is on small businesses as well as minority, veterans, and even disabled owned businesses. There is financial help, counseling, referrals, loans or grants and more. Continue reading on their programs here. https://greaterkalamazoobusinessresource.org/
Kalamazoo based Local Initiatives Support Corporation (LISC) provides a wide range of businesses services. They try to provide financial help as well as long term support to disadvantaged businesses (those owned by people of color, women, veterans, LGTBQ, etc.). Funding can be provided by the “Small Business Relief 0% Interest Loan Program”. There are interest free loans, marketing help, legal aid as far as setting up a business and other support. Learn about the non-profit LISC here. https://www.lisc.org/kalamazoo/
Muskegon County small businesses as well as entrepreneurs can turn to the Community Foundation for Muskegon County. There are grants for businesses with a social cause, those that tackle income issues and diversity and even non-profits. A major focus is on disadvantaged companies such as women, businesses owned by minorities, veterans or the disabled. They also offer budgeting, help for teachers, business coaching services and more. Read about the financial assistance programs here. https://muskegonfoundation.org/grants/
Free business development services, applications to financial help and other resources are offered by the West Michigan Region of Michigan Small Business Development Center (SBDC). They help women and minority business owners in the Grand Rapids region. There is market research help, free consulting, applications to grants or SBA loans, and many other services. Read more. https://sbdcmichigan.org/west-michigan-region/
Southwest Michigan small business owners or startups can turn to SCORE of Southwest Michigan. The non-profit, SBA affiliated agency is based in South Haven and Kalamazoo but they cover the entire state. The non-profit partners with KIVA to ensure that small business owners have access to (1) capital in the form of 0% APR loans as well as (2) free mentoring and counseling. Get financial help as well as advice from a diverse set of mentors, including people of color, women, and others. Learn more here. https://swmi.score.org/
December 2022
Detroit area businesses can apply for free $10,000 grants that are issued by the Detroit Pistons. The program is known as SHOP313. In addition to the grant money, some businesses will earn tickets to the Pistons, free publicity and other support. A major focus is on helping businesses owned by people of color in the community. Apply here. https://content.pistons.com/shop313/
October 2022
Woman-owned businesses, including those owned by Latinas or Black women, can get free $10,000 grants from the WomanUp & Pitch Business Plan and Pitch Competition. As noted, applicants need to pitch their business. Winners will be given anywhere from $1,000 to $10,000 as well as free advice, coaching, and other assistance. Learn more or apply for the program here. https://miwf.org/wei/womanup/
$5,000 grants for safety improvements are provided by the Michigan Occupational Safety and Health Administration. The government funds need to be used for health and/or safety equipment, training, or supplies for businesses with less than 250 employees. The free grants will also focus on minority, women, veterans and disadvantaged businesses. Apply here https://www.michigan.gov/leo/bureaus-agencies/MIOSHA/
August and September 2022
DP Marketing Strategies, JPMorgan Chase’s Advancing Black Pathway, and others are offering a 10 week long business training boot camp for Black owned businesses, and the attendees will also be provided a $5000 grant. There is branding, marketing help, publicity, internet advertising services and much more offered. It is a free grant and marketing services. There are programs for Black women and owned businesses in Detroit. Apply here. https://b3elevation.com/apply/
May, June 2022 and July 2022
Detroit area property developers of color can apply for grants, low cost loans, and other financial help from the Ebiara Fund. The goal is to help developers of color get access to the Capital they need to help revitalize the city of Detroit. Loans are provided as well as other resources around zoning, business plan development, real estate services and more. The program is run in partnership with URGE Imprint, Kresge Foundation and Invest Detroit. Apply here. https://www.ebiara.com/
Muskegon County women owned businesses can get financial help from the Rotarians. Tens of thousands of dollars (in the form of free grants) will be provided. Applications are being processed by the community Foundation for Muskegon County. The grant money can help women owned businesses pay the rent, help with operating costs, pay salaries and more. Each qualified businesses, including women of color, can be given anywhere from $1000 to $5000 dollar. Read more on the grants here. https://muskegonfoundation.org/grants/
BLD Fund of Detroit and Flagstar Bank provide no-interest loans and grants to Black women or male owned businesses in Detroit. BLD is a volunteer driven organization that helps people of African American descent. There is financial help given to “for-profit” as well as non-profit businesses. Additional services include advocacy, community fund raisers and more. Apply for BLD zero percent loans here. https://www.blackleadersdetroit.org/nointerestloan
Detroit area businesses that are owned by people of color and/or women can apply for grants from the Comcast Rise program. Up to $10,000 can be provided from the Free Comcast program. A main focus is on women, Black, Asian, Indigenous, or Hispanic owned small businesses that need capital to help them grow. There are other benefits provided, such as marketing, free internet and more. Apply for the Detroit Comcast program here. https://www.comcastrise.com/rise-apply/
Bay County Small Business Grant Program is for businesses that were hit by the COVID pandemic and that need financial help to recover. $1 million dollars (in total) is being provided across the county. Each qualified business, including minority or women owned, will be given up to $20,000, and the free grant money can pay for expenses such as utilities, rent on a facility, e-commerce operations, payroll and more. In fact, some of the funds (up to 30%) are required by law to go to MWBE companies. Find details on the Bay County Michigan grant program here. https://www.bayfuture.com/main/grants/
Black Caucus Foundation (in Detroit) is offering the Capital and Cash Flow Program, which is a low cost loan program (under 1% APR). The program is a form of financial assistance for Black and minority contractors in the city. In some cases, up to $100,000 can be borrowed for under 1% interest rate, and it is a form of financing that can help contractors with any receivables they may have outstanding. Learn more here. https://capitalandcashflow.com/
April 2022
Kalamazoo Micro-Enterprise Grants (KMEG) program is providing $5,000 of free money to each qualified applicant. The financial aid program is run in partnership with United Way of the Battle Creek and Kalamazoo Region, the city government of Kalamazoo as well as the non-profit agency of Foundation For Excellence. A major focus is on BIPOC, small female owned companies, Black women, and low-income business owners that have under 10 employees. Apply here. https://changethestory.org/micro-enterprise-%20grants/
March 2022
Flint businesses can apply for free grants that are provided by General Motors and other companies. A major focus is on low income, underserved companies. The assistance program is known as Moving Flint Forward. Each grant will be up to $10,000, with funding set aside for minority, women, and veteran owned small businesses. The money will help a business grow and invest into inventory, rent, sales support and more. Continue reading. https://developflintandgenesee.org/moving-flint-forward/
Growing MI Business is issuing hundreds of millions a dollars to start ups and small businesses across the state. It is free grant money. The funds will help businesses impacted by the pandemic, and the company needs to have loss of revenue, income, and other challenges. A major focus is on serve or entertainment businesses, restaurants in Michigan, gyms, hairdressers and other “customer facing” small for profit businesses. Learn more. https://www.michigan.gov/abr
Lansing area, Black owned businesses can apply for the free Elevate program. The free service is funded by the PNC Foundation, Lansing Economic Area Partnership (LEAP) and the Best Practice Consulting Solutions non-profit. Eligible businesses, that qualify, will be given mentoring, advise, and support on growing their revenue profitably. There may also be help in locating, and applying to, government grants, loans, and other financial help. It is in effect a free business accelerator program for Black owned companies. Learn more. https://www.purelansing.com/elevate
Grants and loans were also offered last year to minorities, women, and others in 2021. Locate 2021 business assistance programs in MI.
By Jon McNamara
