Neighborhood Small Business Assistance – Funding

Business Funding Programs and Loans

Funding and loan programs are an instrumental piece to each and every new business. They help give you the money you need to purchase property and equipment, renovate infrastructure, capture clientele through advertising, etc. Some examples are:

Capital Locator Tool

Use the MEDC (Michigan Economic Development Corporation) capital locator tool to find and connect with capital providers that are active in Michigan and have interest in your company’s stage and sector.

SBA 504 Loan Program

This program provides small and medium sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets.

Tax Exempt Bond Programs
These are extremely low interest financing for fixed assets ranging up to $10 million. They can be used for manufacturing and Non-Profit 501(c)(3) corporations’ projects.

CEED Microloan Program
To assist startup and expansion of a business. Microloans may be used for equipment, inventory, supplies and some working capital.

Capital Access Program

This program uses small amounts of public resources to generate private bank financing, providing small Michigan businesses access to bank financing that might not otherwise be available.

Michigan Pre-Seed Capital Fund

The Michigan Pre-Seed Capital Fund was established to support high-tech startup companies as they near commercial viability. The purpose of the fund is to provide access to capital at an early stage of development and to position the company for external investment.

SBA 7(a) Loan Program
The Small Business Administration (SBA) provides a repayment to banks making loans under this program. This allows the lender to recover a portion of what it lent from the SBA if the borrower can’t make the payments. The borrower is still obligated for the full amount. The reduced risk permits lenders to give small business owners access to the same kinds of reasonably priced, long-term financing available to large businesses.

Goldman Sachs’ 10,000 Small Businesses program for entrepreneurs

Goldman Sachs ‘10,000 Small Businesses’ is an investment to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. 10,000 Small Businesses is funded by Goldman Sachs and the Goldman Sachs Foundation.





Business Incentives Programs

The programs below help individuals to bridge the gaps in financing their new business. Often, they are specific to the property’s location, whether it is a certain site, city or county, monies are allocated differently. The following programs are contingent upon where you want to locate your business, so please pay attention carefully to the requirements noted:


Michigan has reinvented the incentive process. Instead of offering tax credits that may provide future savings based on jobs and investment targets, MEDC has programs that provide immediate benefit. Couple these innovative programs with a low 6% Corporate Income Tax and the proposed elimination of the Personal Property Tax, Michigan offers one of the best pro-business environments in the country. Each year, $170 million is available in incentives and assistance. Plus, $100 million is available in loans to small and midsize businesses.


Property Tax Abatements

These exemptions are offered solely at the discretion of the local unit of government. Policies and formulas for determining the term of years to be granted and other qualifications vary with each community. Follow the link to determine whether or not your property is eligible for tax abatements:

Michigan Collateral Support Program

This program will supply cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers.

Michigan Loan Participation Program

The MLPP will participate with lenders to finance diversification projects when faced with borrowers whose projected cash flows are considered speculative by the lender.

Federal Historic Tax Credit Program

The Federal Historic Preservation Tax Incentives program encourages private sector investment in the rehabilitation and re-use of historic buildings.

Alternative Energy Tax Credits

Tax credits are available for businesses engaged in research, development or manufacturing of alternative energy technology.

Centers of Energy Excellence (COEE) Program

$45 million has been authorized from the 21st Century Jobs Fund to promote the development, acceleration and sustainability of energy excellence sectors in Michigan.

21st Century Jobs Fund

This provides over $2 billion over the next ten years to spark new investment, creating high-tech companies and jobs through loans, grants and equity investments.

Emerging Technologies Fund

This fund is designed to expand funding opportunities for Michigan technology based companies in the federal innovative research and development arena. To that end, the Small Business & Technology Development Center (SBTDC) through the Michigan Strategic Fund (MSF) is dedicated up to $1.4 million to match federal funding opportunities for exceptional commercial opportunities in Michigan.


Oakland University’s SmartZone Business Incubator (OU INC) provides entrepreneurial resources and strategic business solutions to develop intellectual property.  The incubator supports existing and grows new technology-based and life science businesses with university resources, decision support technology, business counseling services and financial/capital acquisition assistance.

Paper Street

Paper Street has stripped away the traditional barriers to starting small businesses and refined the basics to offer entrepreneurs knowledge and space. They offer courses in design, tech, art, DIY and business so that start-ups can develop professional-grade skills on nights and weekends and on a tight budget. Our workspaces are simple, modern, clean, all-inclusive and highly affordable.

Michigan Saves

With Michigan Saves financing, you can power your food related business with less energy. Upgrading costly refrigeration units or HVAC systems, replacing old light fixtures, or even adding insulation to your commercial space can help you save. As a nonprofit dedicated to making energy improvements easy and affordable, Michigan Saves has negotiated hassle-free, fast financing up to $150,000 as low as 5.9% for up to 5 years. As a special incentive for businesses in the food industry, Michigan Saves offers a 1.99% rate for a limited time, and if you cut your building’s energy consumption by 20%, we’ll give you a $2,000 rebate.


With the possible exception of those listed under, there are No grants for the general startup and operating costs of a mainstream for-profit business. However, business owners locating in East Downtown Dearborn may benefit from any one (or several) of the following grant opportunities:

Small Business Innovation Research Grants

Grant program for small business concerns to engage in research/research and development that has the potential for commercialization.

Michigan Council for Arts & Cultural Affairs (MCACA) Regional Regranting Program/Minigrants

The Michigan Council for Arts and Cultural Affairs (MCACA) strengthens arts and culture in Michigan by increasing its visibility; supporting arts education; encouraging new, creative and innovative works of art; and broadening cultural understanding. A key conduit for arts and cultural information, MCACA is also a source of arts and culture grant funding




Different crowdfunding site could have different a purpose or approach, but overall the concept is simple – you post your project to a large group of site users, or “potential investors”, and they will fund your project with money if they are interested in the project. Popular crowdfunding sites include: Kickstarter (, Indiegogo (, RocketFund ( and GoFundMe (


Crowdsourcing is distributed problem solving. By distributing tasks to a large group of people, you are able to mine collective intelligence, assess quality and process work in parallel. Your most complex business problems are broken down into microtasks and completed efficiently by an on-demand, scalable workforce! Try CrowdSource ( for creating specialized content for brands, retailers and media companies, CrowdSPRING ( for website and design assistance or Cambrian House ( for product innovation, market prediction, cost savings discovery, etc.


SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. They have been doing work for nearly fifty years and, through support from the U.S. Small Business Administration (SBA) and thanks to their network of 12,000+ volunteers, they are able to deliver our services at no charge or at very low cost. Services include mentors, counseling, tools and workshops. Please visit:

Growth Industries – Green/Tech/Science

Michigan Accelerator Fund I: an investment partnership headquartered in Grand Rapids, Michigan. The purpose of this venture capital fund is to achieve significant, long-term capital appreciation for its investors.
The Fund invests in early stage companies that fall into one of six target sectors: life sciences technology; advanced manufacturing; homeland security; alternative energy technology; information technology; and agriculture. Companies must be based in Michigan. The Fund focuses primarily on seed and early stage venture capital investments in life science technology companies.



Venture Capital & Private Equity Programs

Venture Michigan Fund I & II: The Venture Michigan Fund (VMF) is a $95 million venture capital investment program designed to help Michigan create jobs and bring new industries to the state through the creation of a fund-of-funds that invests in private equity managers that invest primarily in Michigan-based early stage companies. A unique component of VMF is that the capital for the fund is strictly raised by outside investors, with the Michigan Department of Treasury offering to provide investors with up to $200 million of tax voucher certificates to offset any shortfall. VMF seeks to invest in mainly Michigan based companies as well and Michigan focused private equity funds. Credit Suisse Bank manages the fund, and strives to highlight the strong opportunity for private equity investment in Michigan given the state’s strong capital and resource base, a vibrant infrastructure of government, industry and academics, and the increasing number of start-up companies that require financing for growth.

InvestMichigan!: InvestMichigan! represents a groundbreaking partnership of public and private interests in the deployment of private equity capital. InvestMichigan! is a $300 million fund focused on generating strong returns for investors and growing the next generation of Michigan companies. InvestMichigan! has two main components in order to support companies in both early and later stages of development. Under the Growth Capital Program, InvestMichigan! targets lead and co-investment opportunities in venture capital and small buyout stage companies. The Michigan Opportunities Program targets lead investment opportunities in buyouts and growth equity investments in well established companies. InvestMichigan! strives to fundamentally change the way that government and private business work together, and has several goals: to retain and attract businesses to Michigan, nurture portfolio companies at each phase of development, enhance the reputation and further develop Michigan’s entrepreneurial ecosystem, and attract leading regional and national private equity and venture capital investment funds to Michigan.




The Michigan Economic Development Corporation: