Financial Resources

Which grant or loan is right for me?

There are several types of funding options that are available to potentially meet your small & medium business’s needs. Each type has specific characteristics that are important to understand. Multiple funding types may be right for you. Disclaimer: the recommendations are not exhaustive and do NOT guarantee approval.

Get additional assistance by filling out our request form here or contact us at our call center directly 844-333-8249

Grants

Grants are typically a no regret funding option, especially for businesses that are struggling financially, as the money does not need to be paid back.

Loans

Loans allow a business the flexibility to cover their expenses or make necessary investments, while paying back the money over time, typically with some interest.

Crowdfunding

Crowdfunding may be right for your business if the business has a large, supportive network willing to contribute to its success.

Narrow your search

Narrow your search

Grant

Support Afro Latina Jefas Grant

A grant program that will provide financial support to two early-stage Afro-Latino small business owners with $2500.

  • Eligibility: At least one Afro-Latina founder, be a legal U.S. for-profit business, in business for at least one year, and demonstrated needs for funds.
  • Max Amount: $2500
  • Application Deadline: August 18, 2021
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Grant

NASE Growth Grant

A business development grant opportunity from NASE worth up to $4000.

  • Eligibility: Must be a National Association For The Self-Employed (NASE) member.
  • Max Amount: $4000
  • Application Deadline: Ongoing
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Grant

eBay Up & Running Grants

A grant program awarding $500,000 in grants and education resources to help small businesses stay up and running.

  • Eligibility: Existing eBay sellers with active listings in the past 6 months.
  • Max Amount: $10,000
  • Application Deadline: September 3, 2021
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Grant

Restore the Village 2.0 Grant

A grant program for Detroit-based, Black-led for-profit and non-profit business negatively impacted by COVID-19.

  • Eligibility: Businesses founded, led by, or ran by Detroiters of African-American descent.
  • Max Amount: $2500
  • Application Deadline: August 19, 2021
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Grant Loan

MDBBA Capital Connect Program

A program that connects Metro Detroit Black-owned businesses to various funding resources to ensure their sustained success.

  • Eligibility: Be a black-owned business, and located in Metro Detroit.
  • Max Amount: Varies
  • Program Deadline: September 3, 2021
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Grant

Back2Business Grant

A Grant Program that awards grants of $10,000 to eligible Black- and minority-owned small businesses that have been impacted by COVID-19 and the resulting recession.

  • Eligibility: Minority-owned business, owned by an adult (18+), revenue of less than $1M annually, fewer than 11 employees, formed before January 1, 2020, and located in an eligible location.
  • Max Amount: $10,000
  • Program Deadline: December 31, 2021
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Grant

Rare Women Grant

A chance to win one of four $5000 grants for women-led, mission-oriented projects.

  • Eligibility: To be eligible, an applicant must identify as female, be a US resident, and be 18 years or older by the close of the submission window.
  • Max Amount: $5000
  • Deadline: September 1, 2021
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Grant

James Group Drive Grant

A video pitch competition where winners receive a portion of $100,000.

  • Eligibility: Legal residents of the city of Detroit, MI or who work in the city of Detroit, MI
  • Winner(s) wil receive an award ranging from $1,000 to $5,000
  • Program Deadline: August 30th
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Grant

53 Voices Challenge Grant

A challenge for Michigan women to record their best business idea for a chance to win cash prizes. 

  • Eligibility: Women living in Michigan (you do not have to be a current business owner to enter the competition) and businesses who are 51% or more owned by a woman
  • Max Amount: $5000
  • Program Deadline: August 20th
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Grant

Tech Town Capital Access Program

TechTown’s Capital Program was created to assist companies who have completed a TechTown program, or who are part of the TechTown community, with access to capital to grow or scale their businesses.

  • Eligibility: Available to participating business accelerators in Michigan’s statewide SmartZone network. These funds are used toward the delivery of specialized services that are not otherwise available from these business accelerators to assist advanced technology companies, regardless of the company’s geography.
  • Max Amount: A company may not receive more than $50,000 in BAF services, though most engagements are in the $7,000 to $15,000 range.
  • Next application period is August 23 - September 3
Learn More
Loan

CEED Lending Small Business Loan

CEED Lending is an initiative of the Great Lakes Women’s Business Council (WBC). Providing business expansion financing, and small business loans to start-up and existing enterprises with the goal to help owners take their small businesses to the next level.

All of CEED loans come with free technical assistance, including a business growth manager who works with you to grow and sustain your business.

  • Eligibility: Business must be located in one of the 9 southeast MI counties
  • Terms: Competitive fixed rate, Up to 5 years
  • Max Amount: $5,000 to $50,000
  • Accepting applications
Learn More
Loan

Opportunity Resource Fund Small Business Loans

OppFund provides loans for the startup and expansion of a small business, at every stage with the goal of ensuring that all small businesses have equal access to capital. Within our Justice Fund Initiative we have a primary focus on minority-owned businesses and will provide, directly or through our partners, technical support during all phases of the process.

  • Eligibility: Be a privately held small business (as defined by SBA), legally established/registered with the State of MI, majority owned by a resident of MI; planning to use funds for future expenses. Special loans may be available, with very limited grant support, to minority-owned businesses located in Detroit within our Justice Fund Initiative.
  • Terms: Flexible, generally not beyond five years; Interest rates are competitive and designed to accommodate the needs of your business
  • Max Amount: $10,000 to $250,000
  • Accepting applications – contact us at info@oppfund.org
Learn More
Loan

Michigan Women Forward Microloans

MWF fosters equitable and accessible entrepreneurship by providing financial capital, advocating for improved resources and accessibility, building networks and ecosystems, and ensuring the success and growth of as many women entrepreneurs as possible.

  • Eligibility: Be a privately held small business (as defined by SBA), Legally established/registered with the State of MI, Majority owned by a resident of MI; Planning to use funds for future expenses
  • Max Amount: $2,500 to $50,000 (for start-up and existing businesses). Accepting applications.
Learn More
Loan

Invest Detroit Small Business Loans

The Invest Detroit small business program is committed to inclusive support and offers loan programs and technical assistance to both new and established businesses located in Detroit. The loan program supports working capital, machinery and equipment, tenant improvements, real estate and more for small businesses.

  • Eligibility: Must be located in city of Detroit with potential and desire to grow revenues and create jobs
    in the community; A minimum of two employees; New and existing businesses.
  • Terms: Specific to each loan product.
  • Loan amount:$50,000 - $750,000
Learn More
Loan

CDC Small Business Finance Loan

CDC Small Business Finance offers affordable and responsible SBA financing to small businesses in Detroit. In addition, we offer complimentary business advising to loan applicants and existing borrowers. CDC Small Business Finance and Capital Impact Partners, a leading CDFI, partner in Detroit which is one of their place-based pilot programs.

  • Eligibility: Credit score of at least 620; Capital investment: 10% for startups and business acquisitions; Funds can be used for working capital, operating expenses, tenant improvements, equipment, business acquisition, and refinancing of business debt
  • Terms: 7-10 years, 25 years for real estate
  • Max amount: $10,000-$250,000
  • Now accepting applications
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Grant

2021 Elevate Small Business Grant Program

The Elevate Grant is a small business grant program that assists the growth and development of small businesses, their workforce, and the communities where they are located.

  • Eligibility: Must be located in Indiana or Michigan, and be sponsored by an FHLBank Indianapolis member
  • Max amount: Up to $10,000 for working capital and up to $20,000 for capital expenditures, workforce training, or a variety of other needs
  • Now accepting applications
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Loan

ProsperUS Detroit Microloans

Provides access to capital for start-up and existing small businesses that otherwise might not have access with traditional sources. Low-to-moderate income entrepreneurs and those who might not have access to traditional sources of capital are welcome.

  • Eligibility: Be a for-profit business located in Detroit, Hamtramck, or Highland Park; Registered with the state and have a federal EIN number; An active system of bookkeeping; Profit-Loss statements, or a detailed business plan
  • Terms: Range from 1 to 5 years with 7% interest.
  • Max Amount: Up to $25,000 to start-up businesses; Up to $50,000 for existing businesses
  • Accepting applications
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Loan

Huntington’s Lift Local Business℠ Program

New loan option with longer-terms, overdraft fee relief, and waived fees so that all business owners from all walks of life, backgrounds, ethnicities, and experiences can succeed in their industry.

  • Longer repayment terms
  • Eligibility: Women, veterans, and racially and ethnically diverse business owners
  • Loan amounts: $1,000 – $150,000
Learn More
Grant Loan

Economic Injury Disaster Loan (EIDL)

Loan for small business owners who need working capital to help overcome temporary loss of revenue.

  • Loan with interest of 3.75% for businesses (fixed), 2.75% for non-profits (fixed) and 30 year term
  • Eligibility: <500 employees NOW OPEN for small businesses in addition to agricultural businesses.
  • Max amount: EIDL: Up to $2M
  • Program deadline: December 31, 2021
Learn More
Loan

Detroit Development Fund Micro and Small Business Loans

For working capital, acquiring machinery and equipment, and inventory for small businesses in Detroit, Highland Park, and Hamtramck, such as restaurants, coffee houses, retail stores, and service providers that require patient, flexible working capital to re-open or re-establish operations as a result of the COVID-19 pandemic.

  • 30 to 40 awards that will range from $5,000 to $250,000
  • Now accepting applications
Learn More
Crowdfunding

Honeycomb Crowdfunded Small Business Relief Loans

Honeycomb Crowdfunded Comeback Loans are for entrepreneurs and operators leading the restaurant revitalization movement by opening a new concept or reopening a closed business out of the pandemic.

  • Eligibility: Been the owner, GM, or chef/operator of a small business for the past 3+ years; Business operated for the entirety of 2019 and was profitable
  • Terms: 7-10% interest rates; 3-5 year terms
  • Max Amount: $15,000 to $500,000+
  • Accepting applications
Learn More
Crowdfunding

The Main Street Initiative

Small businesses that launch a capital raise on Mainvest may be eligible for a zero-interest loan.

  • Crowdfunding Loan
  • Eligibility: Brick and mortar businesses
  • Max amount: $2,000 loan
Learn More
Crowdfunding

GoFundMe Small Business Relief Fund

Matching grants to qualifying small businesses that create a fundraiser.

  • Crowdfunding Grant
  • Eligibility: Raise at least $500 Business negatively impacted by a government mandate due to COVID Independently owned & operated
  • Max amount: $500 matching grant
Learn More
Crowdfunding

Build Institute Kiva Loans

0% interest loans for entrepreneurs.

  • Crowdfunding Loan with 0% interest
  • Eligibility: Small business owner
  • Max amount: Up to $10,000
Learn More
Grant

SBA Debt Relief

SBA will cover loan payments including principal and interest for up to 6 months.

  • Grant (must be used for debt payment)
  • Eligibility: <500 employees Current 7(a) / 504 / microloan or received one within six months of CARES Act
  • Max amount: 6 months of principle and interest on SBA 7(a) loans up to $5 million, 504 loans up to $5.5 million, Micro-loans up to $50,000
Learn More
Loan

Main Street New Loan Facility (MSNLF) and Main Street Priority Loan Facility (MSPLF)

Loans to SMBs that were in sound financial condition before the onset of the COVID-19 pandemic.

Contact your bank to learn more and to determine if this is right for you

  • Low-interest loan
  • Eligibility: Has not received the PPP loan
  • Min amount: $250K minimum loan size
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