Our statewide lending network offers a wide range of loans and other financial products that can be used for equipment, inventory, property improvements, and more. Learn if your food or farm business is eligible.
Funding a better food system.
Food entrepreneurs are an essential part of vibrant communities. We believe investing in small businesses improves people’s access to culturally relevant food, creates jobs, and strengthens local economies. Not every small business qualifies for traditional financial products, but that doesn’t mean that they aren’t ready for investment. A more equitable approach to lending supports a wider range of entrepreneurs and establishes new pathways to success.
Our support is tailored to your needs. We meet you where you are and help you move forward with financing, business assistance, and relationship building. When your business is ready for the next stage of growth, we look for new ways to help you succeed.
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 food and farm businesses we serve.
- Loans range from $2,500 to $6,000,000. Loans more than $250,000 are underwritten by Michigan Good Food Fund lending partner 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 Detroit Development Fund, Fair Food Fund, Grand Rapids Opportunities for Women, Lake Trust Credit Union, Michigan Women Forward, and Northern Initiatives.
- 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.
Loan Uses
- Permanent Working Capital
- Inventory
- Equipment Purchase
- Real Estate Acquisition
- Construction & Property Improvements
- Facility Expansion or Upgrades
- Business Process Upgrades
Sample Terms
| SAMPLE TERMS | ||
|---|---|---|
| Loan Amount | $2,500 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, Fair Food Fund, Grand Rapids Opportunities for Women (GROW), Michigan Women Forward, or other Lending Partners. | Capital Impact Partners |