Economic Development
Small Business Loans
The Michigan Interfaith Trust Fund offers low interest loans to small businesses in the state of Michigan to promote community economic development. These businesses generally do not qualify for conventional bank loans. Some examples include: day care center, florist, restaurant, deli, coffee shop, cyber cafe, lawn service, clothing design/manufacturing business, etc. Loans may be used for a variety of purposes:
- Acquisition, construction or renovation of a building
- Inventory
- Cash flow to fund planned business expansion
- Pre-development costs (special dollars available)
- Purchase of land
Non-Profit Facility Loans
The Fund also makes loans to non-profit organizations to acquire, build or renovate facilities to be used for delivery of services to low to moderate income people. Some examples include: counseling center, community center, community mental health office, community newspaper, food cooperative, etc.
Micro-Enterprise Loans
While the Fund does not make direct micro-enterprise loans (under $10,000), it does capitalize loan funds in local communities. Examples: micro-enterprise fund and contractor’s revolving loan fund.
The Trust Fund has also signed a special agreement with Detroit Entrepreneurship Institute to make several micro-loans yearly to DEI graduates (under $10,000).
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