Small to medium sized minority, women, or veteran owned businesses in Michigan can get financing from 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 interest free loan or free grant programs for MWBE and veteran owned businesses in Michigan.
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.
March 2025
Olga Loizon Memorial Foundation is providing up to $100,000 to women owned businesses in MI and the central US. Applicants need to have a business plan, be based in MI and of course women owned. More details are here. https://www.olgas.com/foundation/
Petoskey Regional Chamber of Commerce is providing young women/teenagers with money from the GO Grants Program. The money will help them start something new – such as a business, educational need or something else. Details are here. https://www.petoskeychamber.com/connecting-women-in-business
February 2025
Black Leaders Detroit is giving away $5,000 per day to approved Black-owned businesses. The money is offered through Black History Month, with the money aimed at helping Black owned businesses in Wayne County and the city get the capital they need. There are also no interest loans, grant programs and so much more – get details here. https://www.blackleadersdetroit.org/
January 2025 and February 2025
Chelsea Downtown Development Authority (DDA) is offering as much as 25,000 in a free grant from the Match on Main program. The applicant also need to raise some money (~10%) on their own to show commitment as well as make other criteria. The free money is for downtown businesses, and learn more on the grant https://www.miplace.org/small-business/match-on-main/
Benton Harbor CDC is offering help to restaurants, food oriented businesses and/or farmers from the Savor Collective. The program combines money with technical help, mentoring and other support, with a focus on disadvantaged businesses including MWBE and veterans. Apply here. https://bentonharborcdc.org/savor/
January 2025
Muskegon County Business Equity Initiative is a grant program for women owned small businesses and startups. Up to $5,000 can be provided to each qualified businesses. The money can help pay bills, rent, transportation as well as other costs that a woman owned business will be faced with. Get details here https://northerninitiatives.org/business-equity-initiative-fund/
Washtenaw County Office of Community and Economic Development is providing grants to non-profits that focus on addressing racism, economic equality, and social issues. Non-profits that help minorities, women and the disadvantaged can apply, with the money focused on programs for helping the community. The grant info is here. https://www.washtenaw.org/3422/New-Human-Services-Partnership.
gener8tor and the Michigan Founders Fund are accepting applications to a business accelerator program. The program is for under-represented and low-income start ups, with a focus on MWBE, vets and those of color. There are also grants of up to $15,000 provided too, and learn more here. https://www.gener8tor.com/mffpa
Women’s Business Center at Cornerstone Alliance is starting the Business Plan certification program on 1/1/2025, with information available now in December 2024. The program is combined with their other services for women entrepreneurs, including grants, coaching, certification programs and more. Find details here. https://wbccornerstonealliance.academy.growthwheel.com/
By Jon McNamara
