Small to medium sized minority, women, or veteran owned businesses in Michigan can get financing from various free grant as well as loan programs. 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 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 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/
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/
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/
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/
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/
May and June 2022
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
June 2021
Kalamazoo microbusinesses can apply for $5,000 grants. As many as 99 small businesses will get financial assistance. The money is being offered by the United Way, the Kalamazoo city council, charities, and the Foundation for Excellence. All applicants need to have 10 or fewer employees. The funding is also part of federal government grant and relief programs. The funds can be used to pay the bills or provide general working capital. All applicants need to have been in business for at least one year. Read more here. https://changethestory.org/micro-enterprise-grants/
March and April 2021
$5,000 forgivable loans are offered by the Saginaw Economic Development Corporation for businesses local to that community. The funds are the result of the federal government CARES Act. The focus is on businesses, including minority, women and veteran, that have been impacted by COVID. Beauty salons, pubs, restaurants, law offices and others can apply for an interest free loan. Apply here. https://www.saginaw-mi.com/departments/community_and_economic_development/saginaw_economic_development_corporation/index.php
January and February 2021
A form of capital is being offered to “second-stage” businesses in the Grand Rapids Michigan area from the New Community Transformation Fund. It will invest in businesses owned by people of color, either men or women. The funds are a form of equity investment. It is a form of venture capital for minority owned companies, and learn more or apply here. https://blackstar.fund/
Michigan Small Business Survival Grant Program, as funding allows, will pay up to $20,000 for closed businesses or $15,000 for partially open businesses that have been impacted by COVID. Women and minority owned companies can apply, and the aim is to help small businesses that have suffered from the pandemic. Apply for free government grants here. https://www.michiganbusiness.org/about-medc/covid19/survival/
December 2020
Small businesses in the city of Kalamazoo can get grants of up to $2500. There is the city Small Business Health Protection Grant which is being offered by the United Way of the Battle Creek as well as city of Kalamazoo Michigan. The business needs to have less than 50 employees and under $2.5 million in revenue. The funds can pay for expenses related to COVID, such as PPE, etc. Minority, women, and veteran owned businesses are being allocated some of the funds as well. Learn more or apply. https://changethestory.org/small-business-support/
November 2020
Small businesses, sole-proprietors and start up companies in Detroit can apply for grants from 2 local non-profits. The funds are for Asian owned, African/Black Americans, Latinos, and other businesses owned (or started) by people of color. Hundreds of grants, worth hundreds of thousands of dollars. Applications are accepted, reviewed, and processed by ProsperUS Detroit as well as Black Leaders Detroit. Funds are for English and Spanish speakers, businesses that have filed taxes, and others in the city of Detroit. Funds are for e-commerce as well as physical businesses. Apply here. https://blackleadersdetroit.org/bld-flagstar-bipoc-grant.html
Michigan businesses of people of color (black, Indigenous, Latino, etc.) can apply for grants of up to $5000 from Flagstar Bank. The funds are for businesses impacted by color – these are not loans from the lender but free grants. The business most be small, with revenue under 1 million dollars per year (pre-COVID). Wherever Flagstar operates this grant program is offered, including in Troy, Detroit, Fort Wayne, and others. Apply here. https://www.flagstar.com/
September 2020
Grand Rapids Opportunity for Women and the ReStart Kent loan program as well as the Muskegon County Recovery Loan, has a second application period for $10,000 loans. Some of the money is paid by the SBA, and the low cost loans have a low interest rate and no origination fees for women, veterans, and minority run small businesses. It is only for residents in those counties. Learn more. https://www.growbusiness.org/
August 2020
Kent County and Grand Rapids residents can get up to $25,000 in free small business grants. Not only may financial aid be offered to female, minority, and struggling businesses, but they are can get technical help, counseling, advice on growing (or saving) their business, and other support. Apply for funds here. https://calvin.co1.qualtrics.com/jfe/form/SV_9vOEdNgz4hzfkuV
Michigan Women Forward’s Resilience Fund helps small businesses regain financial footing through free grants and free advice. The goal of this fund is to be able to service individuals who are low to moderate income and also who are minorities or women. https://miwf.org/
Grants available for local small businesses. At least 30 percent of the funds will go to businesses owned by minorities, women and veterans. Up to $20,000 is provided per applicant. This is part of the restart program. Applicants need to have less than 50 employees, needs funds for working capital or bills (such as rent, utilities, inventory, etc.). A priority is for female led, veterans, minorities, and disadvantaged in Michigan. Read more michiganbusiness.org/restart/ or find additional details https://www.themorningsun.com/news/local/grants-available-for-local-small-businesses/article_6815d948-d35a-11ea-9f20-772f76925b53.html
By Jon McNamara
