What? A micro loan fund for female entrepreneurs that need to obtain financing to start or grow a business in Michigan.
Why? At the Michigan Women’s Foundation, we understand that starting a new business takes dedication on the owner’s part, a strong and viable business plan, good market data, realistic financial projections and ongoing support. We are here to help.
Who? (Minimum Eligibility:)
- Women-owned (51% minimum) or controlled (CEED WBE certification recommended, but not required at this time.)
- At least 18 years old
- If a non-profit, started and/or managed by a woman
- Entity headquartered or operated in Michigan
- Owner beyond idea stage with personal financial investment made in business (i.e. bootstrapping)
- Owner attends MWF Angel Micro Loan Fund Orientation (see below for dates and registration link)
The Fund Offers:
- Low interest loans from $5,000 to $35,000 for both existing and new women-owned businesses and social ventures
- Repayment terms up to 36 months
- Access and referrals to coaching, mentoring, education and other resources
Additional requirements may be required based on owner’s financial status, industry or other criteria as determined by MWF staff and advisors.
1. All applicants should attend an Angel Micro Loan Fund Orientation or meet with MWF staff.
At the Orientation, potential applicants will learn about the Michigan Women’s Foundation, Angel Micro Loan Fund, applicant qualifications and requirements, and next steps. All attendees will leave with a checklist to help them determine if they are ready to apply for a loan and referral list of resources if they are not.
2. Review all eligibility and application requirements.
3. Email (MS Word or PDF), mail or drop off complete application submission packet to MWF with application fee.
Applications will be accepted on a rolling-basis and reviewed as received. If application passes initial screening (credit check, financial projections, background check, etc.) by our third party provider, TechTown, it will be forwarded to our Advisory Board for review. Advisory Board members will discuss applications every 30-60 days and make a recommendations for approval, request more information, deny applicant or refer applicant to another lending organization. Applicants may be asked to clarify submitted information, provide additional information or make presentation to Advisory Board members for final decision. Applicants will be notified of receipt of their application and status in the process.
Angel Micro Loan Fund Online Application (Click HERE to open Word document)
- Business Plan-10 pages plus 2 pages for Executive Summary
- Executive Summary (2 pages)
- Company and Product Description/Proof of Concept
- Target Market, Marketing and Competitive Environment
- Management Team/Talent
- Financials (including 3 year cash flow projections) and Use of Loan Funds*
- Strategy for Growth and Loan Repayment
- Copy of Government Issued Identification (i.e. Michigan State ID)
- Copy of filed personal and/or business tax returns (if applicable) for two (2) years
If a non-profit, copy of IRS tax exempt letter
Certificate of Good Standing with the State of Michigan
Explanation of credit history hardships, if applicable
- Copy of WBE Certification, if available
- $30 Application Fee
The following will be conducted as a part of the screening process:
- Credit Check
- Background Check
*Loan funds cannot be used for owner salary of living expenses, purchase of real estate, leasehold improvements, outstanding personal debt, outstanding federal, state of municipal tax bills or revolving lines of credit.
Not ready to Apply or Need Assistance? We have several partners that provide Entrepreneurial Resources.