When it comes to business loans and funding available for start-ups, minorities often get left out of the equation, or are not equally represented in certain cases. A new microloan seeks to provide the needed funds for those who may not be eligible or have access to other means of funding their small business.
Lieutenant Gov. Garlin Gilchrist II joined with several public and private partners to announce the launch of the new $10 million Michigan Economic Opportunity Fund.
The fund is in partnership with Michigan Women Forward (MWF), the Michigan Economic Development Corporation (MEDC), Huntington Bank, and the Ballmer Group. It is a loan program for women and entrepreneurs of color, as well as veterans.
Individuals will be able to apply for up to $50,000 with the average loan managed by MWF being $25,000.
For more information, visit: miwf.org.
Reporting for WGRT – Choze Powell
