WHO QUALIFIES?

Want to know if your enterprise is a good fit? Read on for eligibility criteria and the types of good food enterprises we finance. Dig in here to learn about our financing options.

Enterprise Eligibility

We finance good food enterprises looking to grow and expand who meet the following criteria:

• Increasing access to affordable, healthy food in low-income and underserved communities in Michigan. Preference given to enterprises which are also advancing racial and social equity, job creation, local sourcing, or environmental stewardship.
• Incorporated in the U.S.
• Two years of operating history. We may consider start-up enterprises when the operator has industry experience or when the start-up budget includes a contribution from the owner.
• Profitable or can demonstrate a path to profitability within 12 months.
• Financing need from $2,500 to $6,000,000.
• Collateral in the form of business and/or personal assets, corporate and/or personal guarantees.
• Strong, committed management team
• Able to provide financial projections for two years including income statements, balance sheets, and cash flow statements.

Enterprise qualifications are reviewed based on mission alignment, management strength, business model, and growth potential.

To get a closer look at what’s involved in getting a loan, download our Application Process + Checklist.

Enterprises We Support

We are committed to working with the range of businesses that grow, process, distribute, and sell healthy food that reaches low-income and underserved areas. This includes the following types of enterprises.

Grocery Retailers
Retailers who are expanding fresh food offerings in low-income and underserved communities:

• Single or multi-site grocery stores
• Cooperative grocers
• Corner stores
• Mobile markets

Download Grocery Overview

Growers / Packers / Distributors
A range of enterprises—from a farmers market vendor, to a small butcher shop, large tomato processor, or last mile distributor—who are bringing fresh, healthy food to communities, schools, and institutions.

• Farmers market / Farm stand
• Farmers market vendor
• Processing facility
• Food hub or aggregator
• Food incubator
• Producer or processor
• Food distributor

Download Growers / Packers / Distributors Overview

Good Food Entrepreneurs
Enterprises that are transforming raw produce and ingredients into healthy products that are available in underserved communities.

• Value added producers.
• Food service businesses that support resident access to healthy, fresh, and affordable food.

Download Good Food Entrepreneurs Overview

Our Mission-Driven Lens

We’re on the lookout for Michigan-based food businesses that, with our support, can make a positive change in underserved communities. We evaluate businesses based on the following goals and priorities:

• Healthy Food Access: Grow, process, distribute, add value, and/or sell healthy, whole, and minimally processed foods that are available and affordable in low-income and underserved(1) communities. Applicants are encouraged to accept federal nutrition assistance programs, Michigan’s statewide healthy food incentive program Double Up Food Bucks, and WIC benefits when possible.
• Economic Development: Create quality jobs with benefits, a living wage, healthy, safe, and fair working conditions, and opportunities for training, growth, and advancement, particularly for low-income residents.
• Racial and Social Equity: Owned and operated by or employ women, people of color, or low-income residents, and/or feature products or services that are culturally appropriate.
• Local Sourcing: Source, sell, or make products from Michigan grown produce; support local vendors for other business requirements.
• Environmental Stewardship: Sell or use produce or ingredients that are organic, sustainably-grown, and/or chemical-free, employ waste reduction strategies, and practice sustainable management of farm resources (if a grower).

 

(1) Underserved areas are defined as census tracts with a substantial share of residents who live in low- to moderate-income areas that have low levels of access to a grocery store or healthy, affordable food retail outlet. USDA ERS