Small Business Administration

7(a) Loan Program - The SBA’s 7(a) Loan Program includes financial help for businesses with special requirements such as exports to foreign countries, rural businesses, or businesses in distressed or underserved communities.  You must work with your traditional lender to secure a 7(a) loan, but if awarded, loan proceeds may be used to establish a new business or to assist in the acquisition, operation or expansion of an existing business.  For more information go to http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs.

SBA CDC/504 Loan Program - The SBA 504 loan program, administered in this region by Lakeshore 504, provides healthy small and medium-sized businesses with long-term, fixed-rate financing for the acquisition or construction of fixed assets (i.e. buildings, equipment).  Qualified loan recipients may be eligible to finance up to 90% of fixed assets at or below market interest rates.  The administrator for Lakeshore 504 is David Miller.  He can be reached at 616-846-3153 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  For more information go to www.lakeshore504.org.

USDA Rural Development

Businesses can access USDA funding two ways; either through the Renewable Energy and Energy Efficiency Grant fund or the Business and Industry Loan Guarantee program.  The Renewable Energy fund is for agricultural producers and small businesses in rural areas.  Money is provided in the form of a grant, a loan or a combination of both, and can be used for things like equipment, construction, permit and professional fees, and retrofitting.  The Business and Industry Loan Guarantee is for businesses that create rural employment (agricultural production is not an eligible use), and loans are secured through federal or state-chartered banks, credit unions or savings and loan associations. Loans can be used for business acquisitions, start-ups or expansion.  For more information contact Lisa Epple at
269-463-8030 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or go to http://www.rurdev.usda.gov/mi/bp/bpproginfo.htm.

Michigan Pre-Seed Capital Fund and Microloan Program

The Michigan Pre-Seed Capital Fund supports high-tech start-up companies as they near commercial viability by providing access to early-stage capital investment or microloans to accelerate company development.   These funds extend the personal investment of entrepreneurs during the critical stage when they are developing their businesses to the point of readiness for outside investment.

Companies applying for Michigan Pre-Seed Capital Funds must be located in one of 15 Michigan SmartZones, two of which are in West Michigan; the Michigan Alternative and Renewable Energy Center in Muskegon and the West Michigan Science and Technology Initiative in Grand Rapids.

The fund targets companies throughout the state that are creating the newest technologies in the following competitive areas:

• Advanced automotive, manufacturing, and materials
• Alternative energy
• Homeland security and defense
• Life sciences

For more information on the Michigan Pre-Seed Capital Fund, go to http://www.annarborusa.org/business-accelerator/funding-incentives/pre-seed-fund. 

Michigan Pre-Seed Capital Fund microloans range from $10,000 to $50,000, and companies applying for this type of microloan must do so through a sponsoring SmartZone.  Companies must also meet the following criteria:

• Be located in Michigan
• Have the rights (ownership or license) to innovative technology, or be seeking a strong IP position
• Be pre-revenue
• Funding is to be used for the development of a business that is focused on the commercialization of technology of interest to the 21st Century Jobs Fund
• Loans may not be made into a publicly held company, but may be utilized to spin technology out of a public company and establish a new private entity.
• Have potential for rapid growth and sales over $10 million annually in five years.

For more information on the Michigan Pre-Seed Capital Fund Microloan program, go to http://www.annarborusa.org/business-accelerator/funding-incentives/michigan-pre-seed-capital-fund-microloan-program.

For more information on Michigan’s Smart Zones and a map of locations click here.

The Michigan Accelerator Fund

Michigan Accelerator Fund I (MAF-1) is an investment partnership headquartered in Grand Rapids, Michigan. The purpose of this venture capital fund is to drive forward the new economy of Michigan, providing a path to funding and partnerships for the commercialization of new regionally-developed opportunities.

The Fund will invest in early stage companies that fall into one of the four categories:

• Life sciences technology
• Advanced automotive, manufacturing and materials technology
• Homeland security and defense technology
• Alternative energy technology

Companies must be based in Michigan. The Fund will focus on seed and early stage venture capital investments in life science and technology companies. MAF-1 at present is the only venture capital fund in the greater Grand Rapids area that invests in early-stage, start-up companies.

For more information, including steps in the MAF-1 investment process, go to www.maf-1.com.

Here’s a list of area banks with small business loan contacts, phone numbers and links to their small business web pages:

Grand Haven Area