According to a press release April 14, 2020, The Northern Initiatives program will provide up to $2 million in loan funds to Northern Initiatives through MEDC’s Capital Access program to be used to assist businesses impacted by the COVID-19 virus. Northern Initiatives, a Community Development Finance Institution regulated by the U.S. Department of Treasury, provides business loans to existing and start-up businesses, primarily in underserved rural markets. Northern Initiatives will use the funds to make micro and small business loans ranging from $5,000 to $250,000 to Michigan’s small businesses in the 73 counties it serves, with an emphasis on women- and minority-owned businesses. The program is aimed at assisting those businesses that have been most impacted by the COVID-19 virus, such as restaurants, coffee houses, retail stores, and service providers. Businesses can use these loans primarily for working capital, acquiring machinery and equipment, and inventory
Businesses interested in applying for a loan should visit https://northerninitiatives.org/apply-for-amichigan-small-business-loan/.