The Community Foundation is making a $250,000 investment into Michigan Women Forward (MWF) for the purpose of making microloans to our local entrepreneurs.
“This is an exciting mission-related investment for our Foundation and will allow our local entrepreneurs and small business owners to have access to capital for their business along with additional tools, resources and support for success,” said Community Foundation Board Chair Dr. Randa Jundi-Samman.
“Michigan Women Forward has a track record of success for making microloans in the metro Detroit area and beyond. By our Foundation making this investment, MWF will be able to provide microlending specifically in St. Clair County to help support the growth and development of our small businesses and local startups.”
Michigan Women Forward targets small businesses needing capital to spark initial business moves or drive new strategic change in their business. There is an emphasis on empowering women entrepreneurs and entrepreneurs of color, but funding is open to all. MWF hopes to provide these local businesses with the capital they need to grow efficiently and effectively, and ultimately be prepared to secure funding from more traditional sources of capital.
“We have local businesses who, for a variety of reasons, do not have access to traditional sources of capital,” said Community Foundation Finance and Investment Committee Chair Nicholas Degrazia. “That is why we feel it’s important to have a dedicated source of funding for microlending that our local entrepreneurs have access to,.
“MWF is excited about establishing a microlending fund in St. Clair County,” said Michigan Women Forward President & CEO Carolyn Cassin. “It is because of our relationships with organizations like the Community Foundation and many others, we are able to provide entrepreneurs with the capital needed to start or grow their business as well as resources and skills needed for their business to thrive. This commitment by the Community Foundation brings an efficient and effective statewide microlending program to St. Clair County. MWF is proud to be their partner in this economic development effort .
The MWF Microloan Fund will provide access to capital in the form of microloans between $2,500 and $50,000 in size. Applications are available online and a dedicated MWF loan officer will work with applicants throughout the process customizing the level of assistance needed to each business.
St Clair County based businesses looking to apply or find more information are encouraged to go to the MWF MicroLoans website at https://miwf.org/wei/mwf-microloans/ or email microloan@miwf.org or call 313-962-1920.
The Community Foundation of St. Clair County is the oldest and largest grantmaking foundation in Michigan’s Thumb Coast region and has a strategic focus on the growth and prosperity of the region through entrepreneurism.
MWF was founded in 1986 by 20 extraordinary visionaries who conceived of an organization that would encourage women to play an active role in philanthropy and governance. MWF is a community development organization whose mission is to expand economic opportunity, empower the next generation, and celebrate and honor the accomplishments of Michigan women. For more information, visit www.miwf.org.