{"id":147,"date":"2024-06-19T11:28:23","date_gmt":"2024-06-19T15:28:23","guid":{"rendered":"https:\/\/miwf.org\/?page_id=147"},"modified":"2024-09-30T23:15:02","modified_gmt":"2024-10-01T03:15:02","slug":"business-loans","status":"publish","type":"page","link":"https:\/\/miwf.org\/business-loans\/","title":{"rendered":"Business Loans"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"helping-michigan-small-businesses-grow\">Helping Michigan small businesses grow<\/h2>\n\n\n\n<p class=\"has-large-font-size\">What do you need to take your business to the next level? For some, it\u2019s new equipment, like a coffee roaster. For others, it\u2019s digital marketing or a new employee. Whatever it is, we\u2019re here to help.<\/p>\n\n\n\n<p>As a certified <a href=\"#\">Community Development Financial Institution (CDFI)<\/a>, we provide capital funding of up to $50,000 to small business owners. Our <a href=\"https:\/\/miwf.org\/business-loans\/our-loan-options\/\">MWF Small Business Microloans<\/a> are available to qualifying businesses throughout the state of Michigan. Our mission is to promote economic growth and investment in Michigan neighborhoods and expand the opportunity of entrepreneurship to everyone\u2014including you!\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"about-mwf-microloans\"><strong>About MWF Microloans<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-columns ghostkit-custom-238baD is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>Loans CAN BE used for:<\/strong><\/p>\n\n\n\n<p>\u2714\ufe0f Start-up costs<br>\u2714\ufe0f Inventory<br>\u2714\ufe0f Equipment<br>\u2714\ufe0f Marketing&nbsp;<br>\u2714\ufe0f Rent&nbsp;<br>\u2714\ufe0f Payroll<\/p>\n\n\n\n<p><strong><strong>Loans CAN\u2019T BE used for:<\/strong><\/strong><\/p>\n\n\n\n<p>\u274c Repayment of other loans<br>\u274c Investments<br>\u274c Real estate purchases<br>\u274c Payments to founders, owners or other company affiliates<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>Qualifying businesses are:<\/strong><\/p>\n\n\n\n<p>\u2714\ufe0f Legally registered in the State of Michigan<br>\u2714\ufe0f Start-up businesses&nbsp;<br>\u2714\ufe0f Established businesses&nbsp;<br>\u2714\ufe0f For-profit businesses<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Non-qualifying businesses include:<\/strong><\/p>\n\n\n\n<p>\u274c Academic institutions<br>\u274c Multi-level marketing \/ pyramid sales&nbsp;<br>\u274c Lending and investment institutions&nbsp;<br>\u274c Cannabis businesses<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group ghostkit-custom-UHzGt has-white-color has-mwfpink-background-color has-text-color has-background has-link-color wp-elements-b2104bb947df4f131dd23a23c9415dd4\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"take-the-next-step-find-out-if-you-qualify\"><strong>Take the next step. Find out if you qualify!<\/strong><\/h3>\n\n\n\n<p class=\"has-text-align-center\">Fill out our no-obligation form to see if you qualify for a MWF Small Business Microloan. It\u2019s free, easy and the first step to take before officially applying for one of our loans.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-small-font-size\"><a class=\"wp-block-button__link has-mwfpink-color has-white-background-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/miwf.org\/business-loans\/apply-for-a-loan\/\" style=\"border-radius:0px\"><strong>Get started!<\/strong><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-an-mwf-microloan\"><strong>Why an MWF microloan<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li><strong>We&#8217;re dedicated to expanding opportunity. <\/strong>As a CDFI lender, our mission is to help more entrepreneurs realize the dream of owning a successful small business.   <\/li>\n\n\n\n<li><strong>We\u2019re statewide. <\/strong>Some CDFIs focus on specific geographic areas within Michigan. Not us! We are authorized to provide loans throughout the state.&nbsp;<\/li>\n\n\n\n<li><strong>Our loans aren\u2019t just for women. <\/strong>Our name may be Michigan Women Forward but our CDFI small business microloans aren\u2019t available exclusively to female entrepreneurs. Gender is not a factor in our loan qualifications.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li><strong>We offer technical assistance. <\/strong>Applying for a business loan can be difficult. That&#8217;s why we offer technical assistance to help guide you on the path to invest in your business and build your business credit.&nbsp;<\/li>\n\n\n\n<li><strong>No prepayment penalty. <\/strong>We offer competitive rates, automatic payments and no prepayment penalty if you pay off your loan early.&nbsp;<\/li>\n\n\n\n<li><strong>We pay it forward. <\/strong>When you pay off your MWF small business microloan, you can feel good knowing that those funds go back to our CDFI lending fund to allow us to give loans to more small business owners like you!<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group ghostkit-custom-1Ae5YV has-white-color has-mwfblue-background-color has-text-color has-background has-link-color wp-elements-813138e196f8fb0fede8dbbad4e5be4a\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"ready-to-apply-find-out-if-you-qualify\"><strong>Ready to apply? Find out if you qualify!<\/strong><\/h3>\n\n\n\n<p class=\"has-text-align-center\">Fill out our no-obligation form to see if you qualify for a MWF Small Business Microloan. It\u2019s free, easy and the first step to take before officially applying for one of our loans.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-small-font-size\"><a class=\"wp-block-button__link has-mwfpink-color has-white-background-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/miwf.org\/business-loans\/apply-for-a-loan\/\" style=\"border-radius:0px\"><strong>Get started!<\/strong><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"frequently-asked-questions\"><strong>Frequently Asked Questions<\/strong><\/h2>\n\n\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span><strong>What\u2019s the difference between a MWF small business microloan and a traditional bank loan?<\/strong><\/span><\/summary><div class=\"lightweight-accordion-body\">\n\n<p>Michigan Women Forward is a nonprofit Community Development Financial Institution. Our mission is to increase access to capital for business owners who may not qualify for a traditional small business loan, so they can build their business, generational wealth and the communities they serve. As a result, we offer more flexible underwriting standards than most banks offer. In addition, our loan clients can feel good knowing that the interest they pay on their MWF small business microloans goes back to the funds we have to invest in other Michigan small business owners.<\/p>\n\n<\/div><\/details><\/div>\n\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span><strong><strong>How much can I borrow?<\/strong><\/strong><\/span><\/summary><div class=\"lightweight-accordion-body\">\n\n<p>Our loans range from $2,500 to $50,000.<\/p>\n\n<\/div><\/details><\/div>\n\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span><strong><strong>Do I need to have good credit to apply?\u00a0<\/strong><\/strong><\/span><\/summary><div class=\"lightweight-accordion-body\">\n\n<p>A loan applicant\u2019s credit score is one variable of the approval process, but not the only one. Those with a sub-optimal credit score may still qualify.<\/p>\n\n<\/div><\/details><\/div>\n\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span><strong><strong>What documents do I need to apply for a loan?<\/strong><\/strong><\/span><\/summary><div class=\"lightweight-accordion-body\">\n\n<p>You will need a variety of documents to complete your MWF small business loan application. The key documents you\u2019ll need are a business plan, 1 year of historical financials and 3 years of financial projections showing detailed revenue and expenses. After you pass our loan qualifying step, you will be sent a list of the key documents you will need to start the application process. If you have any questions about the documentation needed to apply for an MWF small business loan, a member of our loan team can assist you.<\/p>\n\n<\/div><\/details><\/div>\n\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span><strong><strong>How long does the loan application take?\u00a0<\/strong><\/strong><\/span><\/summary><div class=\"lightweight-accordion-body\">\n\n<p>Expect Michigan Women Forward\u2019s loan application review process to take 4-6 weeks following the completion of the application and submission of all required documents. This is the time needed to review, discuss with you aspects of your business operations, and present your loan application to our Loan Committee to make a determination on your loan approval.<\/p>\n\n<\/div><\/details><\/div>\n\n\n<div class=\"wp-block-buttons ghostkit-custom-Z1F6niN is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size ghostkit-custom-Z1Na72J has-small-font-size\"><a class=\"wp-block-button__link has-mwfpink-background-color has-background wp-element-button\" href=\"https:\/\/miwf.org\/contact-us\/\" style=\"border-radius:0px\"><strong>Got more questions? Click here!<\/strong><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Helping Michigan small businesses grow What do you need to take your business to the next level? For some, it\u2019s new equipment, like a coffee roaster. 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