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MI
Michigan Loan Guarantee Program
Provides partial guarantees to qualified lenders making small loans to eligible Michigan small businesses.
About this program
The Michigan Loan Guarantee Program helps qualified lenders support new financing, generally for loans of $250,000 or less, by mitigating a portion of lender risk through a partial Michigan Strategic Fund guarantee. The program is designed to improve access to credit for small businesses that may not qualify under conventional terms.
Eligibility
Eligible borrowers are Michigan small businesses with fewer than 250 employees that seek new credit through a qualified lender, with emphasis on socially and economically disadvantaged businesses.
Requirements
- Financing must be a new extension of credit from a qualified lender.
- Loan amount is generally $250,000 or less.
- Borrower must have fewer than 250 employees.