Capital is one of the fundamental resources a business needs to ensure its growth and longevity. For this reason, understanding your short-term and long-term needs for capital, and the means by which it is available, is critical to ensure that sufficient capital is readily accessible when you need it. The Department of Planning and Economic Development is the one-stop-shop for the assistance that you need to identify the appropriate financing vehicle for your business.
Access to small business financing is a central service of the Michigan Small Business & Technology Development Center. Whether it’s conventional financing through a bank or credit union (term loan or line of credit) or through other avenues, such as a government program (SBA loan guarantees) SBTDC staff will help you to determine your options and pursue the capital that you require.
If you are expanding or relocating your manufacturing or other technology-based enterprise, your capital requirements are different from the typical small business. To address your need to finance fixed-assets MCPED offers assistance in identifying and securing the right choices among your business development financing options.
The Macomb-OU INCubator specializes in connecting start-up companies to capital. They can help prepare entrepreneurs to apply for Michigan micro loan funds, Michigan pre-see funds, business accelerator funds and other sources of non-traditional financing.