Michigan—also known as the Great Lakes state for its gorgeous and abundant bodies of water—is a wonderful state in which to open and operate a business. With a bustling community of entrepreneurs, hundreds of new businesses launch here each year. Michigan business owners may qualify for one of these state-specific business loans or grants listed below. These funding options are only available to Michigan-based businesses, so check these out to discover if your business is eligible, and then get busy applying!
Department or Agency: Department of Environment, Great Lakes, and Energy
Loan or Grant title: Small Business Pollution Prevention (P2) Loan Program
The P2 Loan Program provides loans of up to $400,000 to small businesses in Michigan that are involved in manufacturing, farming, retail, and service. You’ll apply for the loan with a private lender, and the Department of Environment, Great Lakes, and Energy provides half of the financing. Recipients can use loan funds for projects that reduce waste, encourage recycling, or conserve energy or water at the business’s location.
Department or Agency: Michigan Strategic Fund/Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Michigan Business Development Program
The Michigan Business Development Program provides performance-based grants and loans of up to $10 million. Businesses with projects that create new jobs or make new investments in Michigan may qualify.
Department or Agency: Detroit Economic Growth Corporation (DEGC)
Loan or Grant title: Detroit Industrial Revolving Loan Fund (DIRLF)
The DIRLF is a program that provides loans of up to $200,000 for businesses located in Detroit. Loan funds can be used to cover up to 40% of the costs of an eligible project, such as fixtures, furniture, equipment, or property acquisition. The remaining 60% can be covered by either the borrower, a private lender, or both.
Department or Agency: Detroit Economic Growth Corporation (DEGC)
Loan or Grant title: Small Business Loan Transaction Program
The City of Detroit’s Downtown Development Authority (DDA) created the Small Business Loan Transaction Program to support business owners located in the Downtown Development Area No.1. Under the program, eligible businesses can get loans up to $200,000 to use on construction, redevelopment, or improvement of real property to owners and tenants.
Department or Agency: Michigan Women Forward
Loan or Grant title: MicroLoan
Michigan Women Forward is a foundation with a mission to expand economic opportunities for women and entrepreneurs of color. The MicroLoan program ranges from $2,500 to $50,000, and the funds can be used for eligible expenses such as inventory, qualified equipment purchases, working capital, and startup costs. To qualify, the company must be a privately held small business registered in Michigan that meets the foundation’s other criteria.
Department or Agency: Michigan Women Forward
Loan or Grant title: Endurance Loan Program
The Endurance Loan program combines loans with grant funding for businesses located in Washtenaw County, Michigan. Loans range from $2,500 to $20,000, and awardees will receive two technical assistance sessions along with a grant of up to 50% of the approved loan amount. Female business owners and entrepreneurs of color are encouraged to apply. For-profit businesses located in Washtenaw or Ypsilanti counties in any industry may qualify.
Department or Agency: ProsperUS Detroit
Loan or Grant title: Lending
ProsperUs is a microlender that provides loans of up to $50,000. To qualify, the company must be a small business that’s registered with the state of Michigan and located in Detroit, Hamtramck, or Highland Park. Preference is given to applicants from low-income communities who identify as Black, Indigenous, and/or other people of color, including immigrants.
Department or Agency: Grow
Loan or Grant title: Business Loan
Grow is a Community Development Financial Institution that provides loans of up to $50,000. The funds can be used for expenses such as equipment and inventory purchases, costs associated with hiring workers, and tech upgrades.
Department or Agency: Michigan Good Food Fund
Loan or Grant title: Michigan Good Food Fund
The Good Food Fund provides loans of $2,500 to $6 million for farms and food entrepreneurs that grow, process, distribute, and sell food to low-income and underserved communities. The loan funds can be used for various expenses such as working capital, inventory, equipment purchases, property acquisition, and more. Eligible businesses will need to be in operation for at least two years and go through an underwriting process, among other requirements.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Michigan New Jobs Training Program
The Michigan New Jobs Training Program gives free job training to Michigan businesses that commit to hiring new, full-time employees (and pay them at least 175% of the state minimum wage) or expanding operations.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Michigan Community Revitalization Program (MCRP)
The MEDC and Michigan Strategic Fund (MSF) created the Michigan Community Revitalization Program (MCRP) to help property owners and business owners renovate or rehabilitate brownfield and historic preservation sites in downtowns and high-impact areas. Under the program, eligible business owners can get financing to cover 25% of their project investment, up to $10 million.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Critical Industry Program (CIP)
The Critical Industry Program (CIP) gives financing to qualified Michigan businesses that need help creating or retaining jobs as a result of a technological shift in product or production.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Match on Main
Match on Main is a reimbursement grant program that supports new or expanding place-based businesses in Michigan. Eligible businesses can get up to $25,000 in funding distributed by a downtown development authority or other community organization.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Build MI Community Grant Initiative
The Build MI Community Grant Initiative is a program for developers and property owners in Michigan with limited real estate experience. Under the program, eligible applicants can get real estate development gap financing for small-scale redevelopment projects.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Collateral Support Program
Created under the State Small Business Credit Initiative (SSBCI), Michigan’s Collateral Support Program gives eligible Michigan businesses access to collateral to secure loans. To qualify, you need to have fewer than 750 employees and work with a private lender to access funds.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Loan Participation Program
Michigan’s Loan Participation Program gives loans to businesses that have struggled to access financing from traditional institutions. Most business owners can get loans of up to $500,000; the maximum increases to $5 million for businesses in mobility, manufacturing, professional and corporate services, medical device technology, engineering, design and development, high tech, agribusiness, tourism, logistics, or financial services. To qualify, you need to have fewer than 750 employees and work with a private lender to access funds.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Capital Access Program
The Capital Access Program gives loans of up to $5 million to eligible businesses in Michigan. To qualify, businesses need to have fewer than 500 employees and work with a private lender.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Loan Guarantee Program
The Loan Guarantee Program gives loans up to $250,000 to eligible small businesses in Michigan for a variety of business purposes, including startup costs, working capital, equipment purchases, and renovation. To qualify, businesses must have fewer than 250 employees.
Department or Agency: Michigan Economic Development Corporation (MEDC)
Loan or Grant title: Michigan’s State Trade Expansion Program (MI-STEP)
Michigan’s State Trade Expansion Program (MI-STEP) gives grants to eligible small businesses in Michigan that commit to expanding their export activities. Eligible businesses can get a grant for 50% of their pre-approved export expenses, up to $15,000. To qualify, businesses need to have a minimum annual gross revenue of $100,000.
Department or Agency: Michigan Mobility Funding Platform (MMFP)
Loan or Grant title: Real World Deployments
Under this program, eligible Michigan companies can get matching grant funds from $70,000 to $190,000 by investing in mobility and electrification technologies.
Department or Agency: Invest Detroit
Loan or Grant title: Small Business Support
Invest Detroit, a mission-driven lender, has a Small Business Support program for new and existing businesses in Detroit. Eligible businesses can get a loan ranging from $50,000 to $750,000 to buy equipment and fixtures, renovate, purchase real estate, or make tenant improvements. Businesses must have at least two employees to apply.
Department or Agency: Invest Detroit
Loan or Grant title: Real Estate Support
Invest Detroit provides financing to eligible new developers and startups to create residential, mixed-use, and commercial developments in targeted neighborhoods. Loans range from $150,000 to $2.5 million.
Department or Agency: ID Ventures
Loan or Grant title: First Capital Fund
ID Ventures has a First Capital Fund (FCF) that provides an initial investment of $150,000 to eligible Michigan startups. The fund is for new technology companies at the earliest stages of commercialization in Michigan seeking pre-seed and seed-stage investment.
Department or Agency: ID Ventures
Loan or Grant title: Detroit Innovate Fund
The Detroit Innovate Fund supports Michigan technology companies that have secured initial market traction and need a Series Seed and Series A investment. Companies can get an initial investment of $100,000 to $250,000.
Department or Agency: ID Ventures
Loan or Grant title: The FAM Program
The FAM Program (Funding, Access, and Mentorship) helps fill the financing gap for underrepresented founders of Michigan startups. That includes Black, Latinx, Indigenous, and immigrant founders of new Michigan-based technology companies in the post-idea to early-MVP stage. The investment amount is between $10,000 and $25,000.
Department or Agency: Michigan Rise
Loan or Grant title: Pre-Seed Fund III
Michigan Rise invests in early-stage technology startups in Michigan. The investment size is $50,000 to $150,000. To qualify, companies need to be founded less than seven years ago, have the majority of employees work in Michigan, and contribute an investment match.
Department or Agency: Michigan SBDC
Loan or Grant title: Emerging Technologies Fund
The Emerging Technologies Fund gives grants to Michigan companies that received federal funds for the SBIR/STTR program. The ETF matches SBIR/STTR awards in the amounts of $25,000 for Phase I and up to $125,000 for Phase II.
Department or Agency: Detroit Means Business
Loan or Grant title: Small Biz Boost
The Small Biz Boost Program gives eligible Detroit businesses a grant to cover 40% of eligible project costs for website development, mobile app creation, or digital operational support.
Department or Agency: Detroit Development Fund (DDF)
Loan or Grant title: Entrepreneurs of Color Fund (EOCF)
The Entrepreneurs of Color Fund (EOCF) supports small business owners of color in Detroit, offering loans from $10,000 to $300,000. Businesses can use the capital to expand, purchase equipment, fill cash flow gaps, or provide contractor lines of credit.
Department or Agency: Detroit Development Fund (DDF)
Loan or Grant title: DDF Micro Loan Fund
The Detroit Development Fund (DDF) created the Micro Loan Fund to support business owners and aspiring entrepreneurs in the initial stages of their business development. Businesses must be located in Detroit, Hamtramck, or Highland Park to qualify and have been in existence for at least 12 months. Loan amounts range from $10,000 to $40,000.
Department or Agency: Detroit Development Fund (DDF)
Loan or Grant title: Small Business Lending Program
The DDF’s Small Business Lending Program is designed to help Detroit-based businesses grow, with a focus on businesses owned by women and entrepreneurs of color. Loan amounts range from $50,000 to $150,000. Businesses must have annual sales of at least $100,000, have fewer than 50 employees, and have been in existence for at least 12 months.
Department or Agency: Michigan Occupational Health and Safety Administration (MIOSHA)
Loan or Grant title: MIOSHA Workplace Improvement to Safety and Health Grant Program (MIWISH)
The Michigan Occupational Health and Safety Administration (MIOSHA) has a small grant program to help businesses purchase health and safety-related equipment. Eligible businesses can get a dollar-for-dollar match up to $5,000. To qualify, businesses need to be under the jurisdiction of MIOSHA and have fewer than 250 employees.
Department or Agency: Black Leaders Detroit
Loan or Grant title: No Interest Loan Program
Black Leaders Detroit offers no-interest loans to Black business owners located in the City of Detroit. To qualify, businesses must be established for at least one year and majority owned by people of African descent.
Department or Agency: Worker-Owned Detroit
Loan or Grant title: Business Transition Financing
Worker-Owned Detroit helps Detroit-based business owners get fair market value to sell or scale down their hours. To qualify, businesses need to have an established history of profitability, sustainable business models, and passionate employees looking for a stake in the business.
Department or Agency: Detroit Regional Chamber
Loan or Grant title: NeighborHUB Grant Program
The NeighborHUB Grant Program supports small business expansion in Detroit, Highland Park, and Hamtramck. Businesses can get up to $15,000 to put toward a business project that improves their neighborhood or community. To qualify, businesses need to have been in operation for at least one year, have fewer than 25 employees, and have less than $500,000 gross revenue in the past year.
Department or Agency: Federal Home Loan Bank of Indianapolis
Loan or Grant title: Elevate Small Business Grant
The Elevate Small Business Grant supports small businesses located in Indiana and Michigan. Eligible businesses can get up to $20,000 for working capital, workforce training, or other business growth needs.
