Michigan groups launch $10M business microloan program

Applications are now open for a new business microloan program for women and entrepreneurs of color, according to an announcement Thursday.

The program, called the Michigan Economic Opportunity Fund, holds a pool of $10 million managed by Michigan Women Forward, a nonprofit organization that recently became a community development fund institution.

The program’s partners include: Huntington National Bank, which gave a $1.5 million investment; Ballmer Group, who gave a grant of $1.5 million; a State Small Business Credit Initiative federal loan participation of $1,494 million and a $1 million grant from the Michigan Economic Development Corporation. There will be an announcement later this year about another $2 million from more private funders, a news release said.

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