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 below!
“When you are active in your community, the community gives back to you”
– Scotty Bruce, MI Farm Market
Small Business Loans FAQ
Small Businesses & Micro-Enterprises
OppFund provides loans for the start up and expansion of a small business, at every stage. Our lending capabilities include:
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
Business loan amounts range from $10,000 to $250,000.
Terms are flexible with a wide range of loan amortization and maturities although, generally 5 to 10 year terms.
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
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:
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.