Small Business Finance News

Micro Loan Program For Small Business Introduced In Michigan

Written by Jenna Weiner
Published: 4/27/2010

New program will provide funding for small entrepreneurs in Oakland County that are typically ignored by traditional lenders.

Oakland County, Michigan executive L. Brooks Patterson has announced a micro loan program to help small business owners, the Oakland Press reports.

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The program may be welcome news for entrepreneurs in the region, who could be eligible for microloans ranging from $500 to $35,000. It was created, the paper says, through a partnership consisting of Oakland County, the Oakland County Economic Development Corporation, the Center for Empowerment & Economic Development, and the U.S. Small Business Administration. In addition, the program is supported by the Oakland County Board of Commissioners.

"This is an important partnership," CEED Executive Director Michelle Richards told the Oakland Press. "Small business financing is virtually unavailable. This is a way to ensure loans are available. Businesses could range from retail to online to services and a huge range of more traditional businesses."

In order to be eligible for Micro Loan Program funding, applicants must be located in Oakland County, complete a loan application, have a business plan (if the business is less than three years old), submit an application fee, be able to obtain traditional financing and be current on all federal debt.

Speaking to Crain's Detroit Business about the micro loan program, county director of economic development and community affairs Maureen Donohue Krauss said there is no set limit on the number of loans the program will generate.

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