When your own money isn’t enough, start with free advisors, then ask what a lender or a state program can do. The Michigan Economic Development Corporation (MEDC) has small business programs, and the SBA backs loans that lenders make.
What’s different in Michigan
- One SBA district for the whole state. The Michigan District Office serves the entire state. It is based in Detroit, with a Grand Rapids office by appointment only.
- State programs sit with the Michigan Economic Development Corporation (MEDC). Its small business page names MEDC small business programs, including the Michigan Innovation Fund and MI-STEP.
- Free coaching is statewide. The Michigan Small Business Development Center (Michigan SBDC) is hosted by the Seidman College of Business at Grand Valley State University. Support comes from the Michigan Economic Development Corporation (MEDC) and regional hosts, with SBA funding. There is no cost to you.
- Local hubs exist too. SmartZones and Small Business Support Hubs support entrepreneurs and small business owners.
Do this
- Write down what you need and what it’s for. Equipment, inventory and rent are different asks, and programs are sorted by use.
- Talk to a free advisor first. The Michigan Small Business Development Center (Michigan SBDC) coaches at no cost. The SBA’s Michigan District Office offers funding programs, counseling, federal contracting certifications and disaster recovery.
- Understand who lends. SBA loans come from participating lenders, not the SBA. The SBA loans guide explains who makes each kind.
- Read MEDC’s small business page. The small business page lists MEDC small business programs, including the Michigan Innovation Fund and MI-STEP, and points to SmartZones and Small Business Support Hubs. Whether MEDC gives grants to new small businesses is not stated on the page we could read.* Check the official source.
- Ask about state-backed lending. Michigan’s federal SSBCI allocation, the agency that runs it and the programs it funds were not on a page we could read.* Ask your lender, or check MEDC’s page above.
- Keep your paperwork ready. Lenders and advisors ask for your formation documents and EIN: Register your business and Get your tax IDs.
- After a disaster, the SBA lends directly. SBA disaster assistance is the one SBA loan you apply for from the SBA itself.
What you get back
A coaching plan from an advisor, and a loan offer from a lender with its rate, term and collateral. Any state program that backs the loan is between the lender and the program.
Common questions
Can I get an SBA loan directly from the SBA in Michigan?
Not for its regular small business loans, such as 7(a) loans. You apply through a participating lender. The Michigan District Office serves the whole state and helps with funding programs, counseling, federal contracting certifications and disaster recovery. It is based in Detroit, with a Grand Rapids office by appointment only.
Does Michigan give grants to start a business?
We could not confirm whether the Michigan Economic Development Corporation offers grants to new small businesses or only loans, equity and programs through partners.\* Check the official source. Be wary of anyone selling access to a guaranteed grant.
Where can I get free help with a business plan or loan application in Michigan?
The Michigan Small Business Development Center (Michigan SBDC) offers coaching at no cost to you. It is hosted by the Seidman College of Business at Grand Valley State University. Support comes from the Michigan Economic Development Corporation (MEDC) and regional hosts, with SBA funding. The SBA's Michigan District Office also offers counseling.
What is SSBCI in Michigan?
The federal State Small Business Credit Initiative gives states money to support small business financing. We could not confirm Michigan's allocation, who runs its programs or which programs it funds.\* Check the official source.
Sources
Your progress is saved in this browser only.