Sheehan & Associates, P.L.C.

Micro-loan program unveiled for Michigan small businesses

Not only can it be challenging and satisfying to develop a business idea that meets a particular demand; entrepreneurs have to raise financing and give their business a legal structure that makes sense.

On the financing end of things, these days startups can apply for micro-loans to help cover the cost of equipment and inventory, and it was recently announced that the Pure Michigan Micro Lending initiative will team up with Huntington Bank and a number of other organizations to fund a micro-lending program in Detroit.

Gov. Rick Snyder was at the recent unveiling of the program, which will offer $5 million to Detroit-area businesses over the course of five years, while another $20 million will go to small businesses throughout Michigan.

The available micro-loans could be as small as $500, though businesses could also receive higher amounts.

Two business owners -- a husband-and-wife team -- hosted the unveiling of the loan program. They received two micro-loans of $5,000 and $10,000 to finance part of their apparel business over a two-year period. Those loans came from the Detroit Development Fund and the Michigan Women's Foundation Angel Micro Loan Fund, both of which will be part of the greater program set up for Michigan small businesses.

Entrepreneurs throughout Michigan work hard to develop skill sets that open the doors to opportunity. But there is no denying that business planning can be at once daunting and exhilarating. One way for Michigan residents to help ensure the success of a business is to choose the appropriate kind of organizational structure.

To learn more about limited liability companies, partnerships and corporations, please visit our business planning pages.

Source: The Detroit News, "Michigan, Huntington Bank team on micro-loan program for startups," Brian J. O'Connor, Nov. 5, 2013

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