GRANT · HOW TO WIN THIS
Loan amounts vary; terms not publicly listed.
Rolling applications — no set deadline.
FUNDING TYPE
CDFI, Loan
CAN YOU GET THIS?
YOUR REAL ODDS
No public data on approval rates, but as a CDFI they are specifically designed to serve businesses that struggle to access conventional financing.
CDFIs typically work with applicants who face barriers to traditional bank loans, which can mean more flexibility, but loan amounts and terms vary and are not publicly listed.
WHAT IT TAKES
Review loan products on the OppFund website and confirm your business fits Michigan and small business criteria — 1-2 hours
Submit a loan application through their online portal or contact a regional office — 1-2 hours
Work with OppFund staff through underwriting and approval process — Weeks, varies by loan type
WORTH KNOWING
OppFund has offices in Detroit, Grand Rapids, and Lansing — reaching out directly to your nearest office may speed up the process and give you a clearer picture of what loan products fit your situation.
MORE LIKE THIS
Community 1st Credit Union
Varies; loan terms depend on business type and credit profile.
Iowa-based small businesses and startups can apply for business loans through this CDFI credit union on a rolling basis.
Afena Federal Credit Union
Varies; personal and business loans from $200 up to undisclosed amounts depending on product.
Small businesses and startups in Indiana can access loans through this CDFI credit union, with no stated identity restrictions.
The Bridgeway Federal Credit Union
Varies; specific loan amounts not published.
Small businesses and startups in Alabama can apply for loans on a rolling basis through this CDFI credit union.
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