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The Northern Initiatives program will provide up to $2 million in loan funds to Northern Initiatives through MEDC’s Capital Access program to be used to assist businesses impacted by the COVID-19 virus.
Northern Initiatives, a Community Development Finance Institution regulated by the U.S. Department of Treasury, provides business loans to existing and start-up businesses, primarily in underserved rural markets. Northern Initiatives will use the funds to make micro and small business loans ranging from $5,000 to $250,000 to Michigan’s small businesses in the 73 counties it serves, with an emphasis on women- and minority-owned businesses.
The program is aimed at assisting those businesses that have been most impacted by the COVID-19 virus, such as restaurants, coffee houses, retail stores, and service providers. Businesses can use these loans primarily for working capital, acquiring machinery and equipment, and inventory.
For more information and to apply, visit: https://northerninitiatives.org/apply-for-a-michigan-small-business-loan/.