MARQUETTE, MI-- Community development finance institution Northern Initiatives is getting assistance from the Michigan Strategic Fund to help businesses affected by COVID-19.
The Northern Michigan University-based group will provide up to $2 million in loans through the Michigan Economic Development Corporation's Capital Access Program. Northern Initiatives will use the funds to make micro- and small business loans to businesses, with an emphasis on women- and minority-owned businesses. The loans will range from $5,000 to $250,000.
The program is aimed at businesses most impacted by the COVID-19 virus, such as restaurants, coffee houses, retail stores, and service providers. Loans can be used for working capital, acquiring machinery and equipment, and inventory.
Businesses interested in applying for a loan can click here.
