With the generous support of MEDC, NEI, Michigan-based foundations, corporate partners, individual donors, and in collaboration with the SBA, the Michigan Entrepreneur Resilience Fund has secured funds to provide recovery loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.
The Michigan Entrepreneur Resilience Fund is currently providing:
Microloans: $5,000 – $10,000 loans with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans.
Loan Forgiveness: Microloans that meet SBA eligibility requirements will receive loan payment forgiveness for the first six months of the loan’s term.