Lt. Gov. Gilchrist partners on $10M microloan fund for women, veterans & entrepreneurs of color
Entrepreneurs will be able to apply for up to $50,000 in loans through this program. The fund will be able to assist approximately 400 entrepreneurs.
On Thursday, Lieutenant Governor Garlin Gilchrist II joined Michigan Women Forward (MWF), the Michigan Economic Development Corporation, Huntington Bank, and the Ballmer Group to announce the launch of the new $10 million Michigan Economic Opportunity Fund. It’s a microbusiness loan program for women and entrepreneurs of color in Michigan.
A news release says entrepreneurs will be able to apply for up to $50,000 in loans through this program. With the average loan managed by MWF being $25,000, the fund will be able to assist approximately 400 entrepreneurs.
“To build a strong economy, we need to make sure that every Michigander can be part of our state's economic momentum. That's why we are making this investment today to help women, veterans, and entrepreneurs of color start and grow their successful businesses,” Lieutenant Governor Gilchrist said.
The Michigan Economic Opportunity Fund will be managed by Michigan Women Forward, a certified community development financial institution (CDFI) by processing applications that come through its website, along with referrals made by its banking institution partners.