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 known as a “university research corridor,” as it’s home to major institutions like the University of Michigan, Michigan State University, and Wayne State University. These establishments are essential to the state’s economy, with Michigan’s public universities attracting more than $1.5B in research and development grants each year. The state has the third-highest number of engineering graduates annually in the country. Michigan’s workforce is well-educated and highly skilled, making it an attractive location for new businesses.
At Advancepoint Capital, we are proud to offer business loans to companies based 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 Do I 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.
The 9 Best
Financing Options and Resources for
Michigan Small Businesses
Small Business Loans for
SBA Loans in
Merchant Cash Advance in
Business Cash Advance in
Business Line of Credit in
Equipment Financing for
Invoice Financing in
Short Term Small Business Loans in
Long Term Business Loans for
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.
Find local assistance
Why Does Your Business Need Financing?
The 8 most common uses of proceeds from business financing:
- Working Capital
- Business Expansion
- Business Development
- Cash Flow shortages
- Advertising and Marketing
- Economic Development
- Real Estate Acquisition
- Any legitimate business purpose or use
Additional Resources, Support and Information about Small Business Loans in Michigan Initiatives, Programs, and Small Business Grants in Michigan for Small Businesses
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.
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
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.
The State of Michigan Small Business Development Center (SBDC) offers expert assistance at no cost to entrepreneurs looking to start or grow a business.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.