The State of Michigan is the 6th largest state in landmass and the 10th most populous state in the U.S., with over 10 million people. The capital of Michigan is Lansing, but the largest city is Detroit, which is among the nation’s most populous and largest metropolitan economies.
Although Michigan has developed a diverse economy, it is widely known as the center of the U.S. auto industry, with three of the country’s major automakers residing within the state. Michigan is also known for tourism due to its abundance of natural resources that accommodate various types of tourism and feed many different small businesses in the industry. The lower half of the state is a center for manufacturing, agriculture, and the tech industry.
Michigan is home to a thriving small-business community that contributes to the state's economy. However, many small businesses need help to secure the funding they need to grow and thrive. That's where small business loans in Michigan come in. With various financing options available, from traditional bank loans to alternative lenders, Michigan small businesses have access to the capital they need to succeed. Whether you need funds to expand your operations, purchase equipment, or manage cash flow, a loan program can meet your needs.
At AdvancePoint Capital, we are proud to offer small business loans in Michigan. We understand the unique challenges and opportunities that businesses in Michigan face, and we are committed to helping them succeed. We offer a variety of loan products that can be tailored to meet the needs of any business. Whether you are looking for a short-term working capital loan or a long-term investment loan, we can help you get the financing you need.
How To Get A Small Business Loan in Michigan?
There are a few things you’ll need to do in order to get a small business loan in Michigan. First, you’ll need to have a strong business plan that outlines your company’s goals, strategies, and financial projections. But if you're struggling to prove your business's creditworthiness, don't worry - there are still options available to you.
Advancepoint Capital's network of private lenders is willing to work with businesses of all sizes and credit profiles. We understand that every business is different, and we will work with you to tailor a loan that meets your specific needs. We offer a wide range of loan products, including term loans, lines of credit, SBA loans, and more.
9 Best Loan Options for Michigan Small Businesses (May 2023)
Small Business Loans in Michigan
Small business loans are commonly used for working capital, support cash flow, renovations, expansions, equipment purchases and other business related needs.
SBA Loans
A very attractive business loan backed by the SBA that can be used to expand one’s business. There are many qualifications that must be met but the work necessary is well worth it once approved.
Merchant Cash Advance
Credit card processing based financing which allows you to get an advance off of future credit card processing. Quick and easy approval process.
Business Cash Advance
This type of funding is based on the current revenue of the business and repaid by taking a portion of future sales deposits. A great alternative when business loans aren’t the best option.
Business Line of Credit
Known for its quick access to capital, a business line of credit is a revolving line that lets you draw capital as needed up to a set credit limit. Great for supporting business cash flow.
Equipment Financing
Michigan businesses that rely on heavy equipment use equipment leases or loans because of the longer term durations of 2 to 7 years.Quick and simple application process.
Invoice Financing
If you want to leverage your invoices to get cash now, then invoice financing is your solution. Advances a lump sum at time of issuance of invoice without the business owners waiting for the net terms to be paid by the clients, all done for a nominal fee of 1% to 3% of invoice.
Short Term Small Business Loans
When you need a fast approval with fixed rate and terms to solve a business need, short term loans can be the solution. Same day funding available.
Long Term Business Loans in Michigan
Long term business loans help established businesses expand their operations by offering affordable terms that the business can handle while they expand their business.
U.S. Small Business Administration
How to Grow Your Business in Michigan
View the Michigan Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
U.S. (SBA) U.S. Small Business Administration
Michigan District Office
Common Uses of Proceeds From Business Financing
- Daily Operations
- Equipment financing
- Expansion of business
- Business Development
- Emergencies
- Advertising and Marketing
- Employees - training and recruitment
- Economic Development
- Real Estate Acquisition
- Any legitimate business purpose or use
Small Business Loans, Initiatives, Programs, and Grants in Michigan
Michigan Small Business Grants
Up to $20 million in grants and loans now available to Michigan’s small businesses to fulfill the economic needs of small businesses from the impact of the Coronavirus (COVID-19) outbreak. The loan programs are now accepting applications, with key information available at michiganbusiness.org/covid19.
Michigan Small Business Association (MSBA)
The Small Business Association of Michigan is the only statewide and state-based association that focuses solely on serving the needs of Michigan’s small business community. SBAM’s goal is to advocate for small businesses, bring business owners together to share knowledge, create collaboration and partnerships, and to deliver group buying power.
America’s SBDC Michigan- Michigan Launches Small Business Relief Program
Michigan.gov Application Process Now Live for Michigan Small Business Relief Program Funding
Michigan Economic Development Corporation (MEDC)
Whether you’re just getting started or expanding your existing business, the MEDC can help. Michigan Economic Development Corporation markets Michigan and provides the tools and environment to drive job creation and investment. Michigan Economic Development Corporation has compiled information and resources for small businesses, major employers, entrepreneurs, and others regarding our response to the economic impact of COVID-19.
Resources for Michigan Businesses During COVID-19
Michigan Small Business Development Center (SBDC)
The State of Michigan Small Business Development Center (SBDC) offers expert assistance at no cost to entrepreneurs looking to start or grow a business.
Why AdvancePoint Capital?
- Business Expertise in Michigan – With years of experience, we have provided financing solutions to businesses in Michigan.
- Trusted by Michigan Businesses – Read our excellent reviews and feedback we have received from small business owners in Michigan.
- Dedicated Loan Specialists – Our experienced business funding specialists in Michigan are here to help you find the right loan programs.
- No Cost, No Commitment Quotes – Get started with us without obligation. We offer free quotes with no upfront costs.
- Business Loan Products – We offer a range of loan products to cater to the diverse needs of small businesses in Michigan.
Apply for Business Loan in Michigan Today!
Getting a financing solution or financial advice in Michigan can be troublesome. At AdvancePoint Capital, applying for a business loan is fast and easy with our simple application process. All you need to do is fill out our online form, and application page, and in just a few hours — you’re well on your way to getting yourself a business loan in Michigan.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.
