Financing Options

Credit Union Small Business Financing Alliance

The Michigan League of Credit Unions, in partnership with the Michigan Small Business Development Centers (SBDC), has launched the Credit Union Small Business Financing Alliance. With an initial pledge of $43 million, credit unions around the state are engaged in Michigan’s economic transformation, providing new and small businesses with commercial loans.

For information on how to enter the Credit Union Small Business Financing Alliance (CUSBFA), contact one of the 12 SBDCs directly or visit the CUSBFA website.

Small Business Capital Access Program

The Small Business Capital Access Program (SBCAP) gives banks a flexible tool to make business loans to small firms, encouraging traditional lending to the small companies that are so vital to Michigan’s economic health. The Michigan Economic Development Corporation contributes a small amount of “gap financing” to provide Michigan businesses access to capital that otherwise might not be available.

More than 50 participating financial institutions offer SBCAP loans directly to Michigan-based companies. Similar to a loan loss reserve fund, the bank, borrower and Michigan Economic Development Corporation pay small premiums into a reserve that makes it possible for the company to receive fixed asset and working capital financing. Download our fact sheet for more information.

SBA Loan Programs

The SBA’s primary business loan program is the 7(a).  This program is typically used for business start-ups and to meet various short- and long-term needs of existing businesses, such as equipment purchase, working capital, leasehold improvements, inventory, or real estate purchase. These loans are generally guaranteed up to $750,000. The guaranty rate is 80 percent on loans of $100,000 or less and 75 percent on loans more than $100,000.

The SBA 504 loan program is a financing tool providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.  The 504 program makes it easier for the borrower to obtain favorable financing terms and reduces the risk to the lending institution.

Michigan Emerging Technologies Fund

Federal research and development funds support a critical stage for many technology companies as they move from the laboratory to the marketplace. The Emerging Technologies Fund, administered by the Michigan Small Business Development Center for the Michigan Economic Development Corporation is dedicated to match federal Small Business Innovation Research and Small Business Technology Transfer Research SBIR/STTR funding opportunities for exceptional research and technical innovation generated in Michigan. For more information, visit the Michigan Emerging Technologies Fund website.

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