About this programme
Michigan's Access to Capital programs are the state's delivery vehicle for the federal State Small Business Credit Initiative (SSBCI), administered by the Michigan Strategic Fund through the Michigan Economic Development Corporation (MEDC). Rather than lending directly to a business, MEDC works behind the scenes with a business's own bank, credit union, or Community Development Financial Institution (CDFI) — providing upfront financing support so that lender can extend a loan it might not otherwise be able to make on conventional terms.
The umbrella covers several distinct enhancement tools: a Collateral Support Program, a Loan Participation Program, a Loan Guarantee Support Program, and a Small Business Venture Capital Program (SBVCP) that invests in early-stage, technology-based companies aligned with MEDC's strategic priorities. A related SSBCI Technical Assistance (TA) Grant Program funds legal, accounting, and financial-advisory support for businesses preparing to apply.
SSBCI 2.0 (the current round) carries a federal mandate to direct capital toward Very Small Businesses (VSB, generally fewer than 10 employees) and SEDI-owned businesses (Socially and Economically Disadvantaged Individuals), including in historically underserved urban and rural communities. As of the state's most recent public accounting, Michigan's SSBCI 2.0 allocation for small-business programs stood at roughly $79.4 million, following a first funding round of about $72 million that supported 636 loans.
How it works
MEDC does not lend to a business directly. A business's private lender applies the MEDC support against its own loan — the exact tool used (collateral support, loan participation, or loan guarantee) is a structuring decision the lender and MEDC's Capital Access team work out for that specific deal.
Collateral Support and Loan Participation are aimed at businesses that are already working with a private lender toward a commercial extension of credit but have a collateral shortfall by the lender's own analysis — MEDC's support closes that gap so the loan can proceed.
Refinancing of existing debt held with a non-affiliated third-party lender is permitted under current program rules.
The Small Business Venture Capital Program is structurally different: it deploys SSBCI 2.0 capital as investment into early-stage, technology-based businesses, rather than as loan support.
Who can apply
Eligible lenders are traditional banks, credit unions, and CDFIs (Community Development Financial Institutions) operating in Michigan.
A small business does not apply to MEDC on its own — it must be working with one of those lenders toward a commercial loan, and the lender is the one who brings MEDC's Capital Access programs into the deal.
SSBCI 2.0 funding carries a federal targeting requirement toward Very Small Businesses (fewer than 10 employees) and SEDI-owned businesses, with additional emphasis on historically underserved and rural communities.
How to apply
- Contact your local bank, credit union, or CDFI first and discuss your financing need, including the possibility of SSBCI support strengthening the loan.
- If your current lender is unfamiliar with the programs, MEDC's CDFI Resource Locator Tool (on the official Access to Capital page) can help identify a participating institution.
- Lenders themselves — not the borrowing business — are the ones who contact MEDC Capital Access directly (businessloans@michigan.org) to structure collateral support or loan participation on a specific deal.
- Businesses considering the Small Business Venture Capital Program should review that program's separate page on michiganbusiness.org, as it is an equity-investment track rather than a loan-enhancement track.
Frequently asked
Does MEDC lend money to my business directly?
No. MEDC's Access to Capital programs work through your existing bank, credit union, or CDFI — MEDC provides support behind that lender's loan (collateral support, loan participation, or a guarantee), it does not issue funds straight to your business.
What if my bank turned me down because I don't have enough collateral?
That is exactly the gap the Collateral Support Program is built for. If a private lender has identified a collateral shortfall in its own credit analysis but is otherwise willing to lend, MEDC support can close that gap so the loan can proceed.
Is this a grant?
No. These are loan-enhancement mechanisms (collateral support, loan participation, loan guarantee) layered onto a private commercial loan, not grant funding. The Small Business Venture Capital Program is a separate equity-investment track, also not a grant.
Can I refinance existing debt with SSBCI support?
Yes — refinancing of existing debt held with a non-affiliated third-party lender is permitted under the current program rules.
My business has fewer than 10 employees — does that help my chances?
SSBCI 2.0 funding carries a federal mandate to direct capital toward Very Small Businesses (under 10 employees) and SEDI-owned businesses, so lenders structuring a deal with MEDC support are working within that targeting priority.
Who do I actually talk to at MEDC?
General inquiries go to businessloans@michigan.org or 888.522.0103. Lenders structuring a specific collateral support or loan participation deal can reach MEDC Capital Access directly; the program contact listed is Chris Cook, Managing Director, Capital Access (cookc@michigan.org).
Reviewed 2026-08-16. Programmes change — confirm current eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private consultancy and is not affiliated with any government authority.