State agencies are joining forces with private banks to launch a fund meant to boost women and minority-owned businesses.
The Michigan Economic Opportunity fund will provide "microloans" to women, veterans, and people of color to start and grow small businesses.
The idea is to lend to people who often don’t qualify for traditional loans.
Entrepreneurs will be able to apply for loans worth up to 50-thousand dollars through the program.
The Fund will be managed by Michigan Women Forward, which is certified as a community development financial institution. That group will process applications through its website, and accept referrals from partner banks.