The Michigan Good Food Fund provides financing to good food enterprises who are working to increase access to affordable, healthy food in low-income and underserved communities in Michigan. This includes the range of businesses that grow, process, distribute, and sell healthy food that reaches those who need it most. Learn if your business is eligible.
The fund has $30 million in available resources to support good food projects across our state. As a mission-driven effort, we evaluate enterprises based on the strength of their business as well as the positive impact they are creating for healthy food access, job creation and economic development, racial and social equity, local sourcing, and environmental stewardship. Learn more about our Mission Alignment.
We know every project is different and will work with you to develop a funding solution that meets your needs. Business Assistance is also available to bolster financing support.
See below for types of financing available, loan uses, and sample terms. To get a closer look at what’s involved in getting a loan, download our Application Process & Checklist to learn what’s needed at every step along the way.
Types of Financing
We provide flexible, patient capital structured to meet the needs of the enterprises we serve.
- Loans range from $1,000 to $6 million. Loans more than $250,000 are underwritten by Michigan Good Food Fund manager Capital impact Partners, a certified Community Development Financial Institution with a 30+ year history lending in underserved communities. Loans less than $250,000 are underwritten by select intermediary lending partners including Northern Initiatives, Detroit Development Fund, and Grand Rapids Opportunities for Women (GROW).
- Loan rates start as low as 5% and New Markets Tax Credits are available for qualified projects.
- Limited grant dollars may periodically be available with the goal to prepare enterprises for financing. We do not offer stand-alone grants.
- Permanent Working Capital
- Equipment Purchase
- Real Estate Acquisition
- Construction & Property Improvements
- Facility Expansion or Upgrades
- Business Process Upgrades
|Loan Amount||$5,000 to $250,000*||$250,000 to $6,000,000|
|Interest Rate||6.75% – 8%||5 – 6.5%|
|Rate based on risk and use of funds.
Rate resets may apply.
|Fees||2% Origination fee||1.25% Origination fee|
|Term||Up to 10 years|
|Payment||Terms and payment schedules based on project needs and loan type.|
|Collateral||Collateral in the form of business and/or personal assets, corporate and/or personal guarantees.|
|Financing Partner||Northern Initiatives, Detroit Development Fund, Grand Rapids Opportunities for Women (GROW), or other Lending Partners.||Capital Impact Partners|
*Smaller loan amounts available in select locations.