Small Business Loans
We offer several types of loans to help further the economic development goals of your community. Our goal is to ensure that all small businesses have equal access to capital. If you are interested in learning more about our programs, contact us today!
"When you are active in your community, the community gives back to you"
- Scotty Bruce, MI Farm Market
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Our Small Business
Small Businesses & Micro-Enterprises
OppFund provides loans for the start up and expansion of a small business, at every stage. Our lending capabilities include:
- Startup Capital
- Working Capital
- Business Expansion
- Short-Term Financing
OppFund provides two types of loans to nonprofit organizations:
- Facility Loan: For acquisition, renovation, or construction of a building for use in the delivery of your services to low income or disadvantaged individuals
- Working Capital Loan: Unrestricted funds to assist with your cash flow needs to deliver your service
Our Loan Terms
Business loan amounts range from $10,000 to $250,000.
Terms are flexible with a wide range of loan amortization and maturities although, generally not beyond five years.
Interest rates are competitive and designed to accommodate the needs of your business.
We provide loans to individuals, nonprofits and for-profit businesses previously denied credit by traditional lenders and/or those who do not meet traditional underwriting criteria.
- Nonprofit 501(c)(3) or 501(c)(4) organizations including community development corporations, faith-based institutions, credit unions, and social service agencies
- For-profit entities (e.g. sole proprietorships, corporations, partnerships, LLCs, or LPs organized in the State of Michigan)
- Current borrowers of OppFund dollars, provided the outstanding loans are not in any way delinquent or in default
Our Social Criteria
Loan requests must meet two of the following social aspects:
- Exhibit community control or local self-determination
- Demonstrate alternative business practices (co-ops, worker-owned, land trust)
- Provide employment for low-income and/or low-wealth individuals
- Empower the disadvantaged, including woman- and minority-owned businesses
- Reinvest in decaying area or reduce blight
- Use ecologically sensitive approaches
- Leverage other resources
- Provide opportunities for partnership, collaboration, and/or cooperative endeavors
In order to protect the interests of our mission, all loans must be secured. Eligible forms of security include:
- Real Estate
- Accounts Receivable
- Personal Guarantee
All loans require an equity investment by the borrower. Loans of below $150,000 require 10% equity investment. Loans in excess of $150,000 require a 15% equity investment.
Equity and Security
Our Team Today!
Fill out the form below and we'll follow up to assist you with our application process and explain our current timelines for submissions and approvals. Please note, all applications will require submission of a complete business plan. Technical support is available if you need help!