While Michigan is known for being the home of Motor City, its vibrant tourism industry, and agriculture, nearly half of Michigan’s workforce is employed by small businesses. As a local bank in Northwest Michigan, we want to help all local businesses and entrepreneurs succeed. That’s why we put together this list of Michigan small business resources. Whether you’re looking for Traverse City business support, Manistee small business loans, Muskegon commercial financing resources, or Ludington entrepreneur support, we’ve got you covered and want to help you reach your business goals.
The Michigan Small Business Development Council (SBDC)
The Michigan Small Business Development Council (SBDC) offers free services to small business owners and those interested in starting their own businesses. Its Northwest Michigan regional office is located at Baker College in Cadillac, although you can access many of its services online. These services include:
• Free and low-cost webinars and workshops on topics such as running and growing a business, writing a business plan, and how to secure financing.
• Consultations on developing or revising a business plan, with downloadable templates.
• Market research about your target audiences and industry competition, you can make informed decisions on how to market your business.
• Information on how to combat cybersecurity threats with interactive courses, free downloadable resources, and expert consultations.
• Advice on commercialization strategies so you can bridge the gap between technology development and commercialization, from grant funding to your investor pitch.
• An Export Specialist Team that can help you increase your export sales by identifying and entering new markets, loan packaging, and planning.
• Strategic planning with business consultants who can help you design growth strategies and make solid business decisions to realize your goals.
• Guidance on human resources, organizational development, compensation, and performance management to help you attract and retain a productive workforce with compliant HR functioning.
• Financial management and raising capital, with business consultants that have an expertise in accounting, budgeting, loans, grants, and small business financing options, such as applying for small business loans backed by the Small Business Administration (SBA).
SCORE Northern Michigan
SCORE Northern Michigan is part of the nation’s largest network of volunteer business mentors. It offers free business mentoring, webinars, and online classes on a wide range of business topics such as accounting, marketing, social media, and how to start a business in Michigan.
20 Fathoms
20 Fathoms in Traverse City is a nonprofit tech startup incubator and resource center that calls itself Northwest Michigan’s hub for technology, innovation, and entrepreneurship. It offers free business coaching, education, funding, career resources, co-working spaces, and networking opportunities.
Local Chambers of Commerce
Local chambers of commerce can be a great source for small business resources in northern and western Michigan, where you can connect with other entrepreneurs through networking events and tap into local resources.
• Traverse Connect is the lead economic development organization for the Grand Traverse region. It was formed by a merger between Traverse Connect and the Traverse City Area Chamber of Commerce in 2019. It supports local businesses with business attraction and retention strategies, talent development efforts, and strategic coordination with partner agencies.
• The Manistee Area Chamber of Commerce.
• The Chamber Alliance of Mason County, based in Ludington
• The Muskegon Lakeshore Chamber of Commerce, which supports businesses throughout Muskegon County with advocacy, economic development partnerships, networking opportunities, and business growth resources
Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation (MEDC) is a public-private partnership agency that promotes Michigan as a state to do business in and helps businesses with growth strategies and funding in collaboration with more than 100 partners.
This includes its Muskegon Innovation Hub, a state-designated SmartZone that provides resources where technology-based companies, entrepreneurs, and researchers in Michigan can set up shop in proximity to community assets that can help them succeed. In our region, the hub at Grand Valley State University provides:
• A business incubator to help entrepreneurs turn a startup into a successful company, with personalized business coaching and networking.
• The CoLaunch coworking space for entrepreneurs, freelancers, and remote corporate professionals looking for a community-driven work environment. It offers low-cost workspaces, networking opportunities, and access to on-site business training tools and resources.
• Financial assistance through a Business Accelerator Fund (BAF) that helps early-stage technology companies within certain industries.
• Business mentoring, planning, coaching, and entrepreneurial training.
• Venture capital preparation and introductions.
• Grant writing and research assistance.
• Marketing analysis, technology assessments, and product development.
The Michigan Works! Association
This organization helps businesses and job seekers in Michigan connect. For businesses, the Michigan Works! Association helps with recruitment, screening job applicants, job fairs, and posting job openings on the Pure Michigan Talent Connect website. For job seekers, it helps with job training programs, education, career advising, and writing resumes.
The Michigan Manufacturing Technology Center
The Michigan Manufacturing Technology Center has locations throughout the state and helps Michigan’s small and medium-sized manufacturers improve their operations and profitability through personalized consulting services in areas such as operational assessment, process improvement, leadership development, cybersecurity, market research, skill development, and food processing.
The Michigan Angel Fund
The Michigan Angel Fund is a for-profit managed angel fund, backed by a network of investors. It helps finance early-stage companies and entrepreneurs in Michigan while also working to attract angel investors to the state.
Renaissance Venture Capital
Renaissance Venture Capital works with venture capital funds across the U.S. and connects them with Michigan’s startup community, entrepreneurs, and major companies looking for innovation. It introduces promising young companies to potential financial partners.
Venture North Funding
Venture North Funding in Traverse City is a Community Development Financial Institution (CDFI) that offers low-cost loans and support to small businesses and entrepreneurs in Northwest Michigan, with low-cost loans and advice for those that don’t qualify for traditional bank financing.
The Greater Muskegon Economic Development Corporation (GMED)
The Greater Muskegon Economic Development Corporation (GMED) is a countywide agency that supports local businesses through public and private investment, plus information on programs and incentives in Muskegon County. Through its in-house and partner resources, it can help with business expansions, assist with site location and planning, coordinate economic development incentives and grant opportunities, assist with infrastructure development, workforce training, and provide demographic and labor market information.
Small Business Loans in Northwest Michigan
The Small Business Administration (SBA) offers small business loans backed by the federal government. It has two branch offices in Michigan, in Detroit and Grand Rapids. We can help you apply for an SBA loan in Traverse City, Muskegon, and throughout Northwest Michigan. These loans can take longer to apply for than traditional business loans, but they also offer below-market interest rates and easier qualification standards. SBA loans are intended for businesses that may have trouble qualifying for commercial business loans in the private sector. As an SBA-approved lender, we can offer quick decisions on SBA-backed loans.
SBA 7(a) Loans
7(a) loans are available for up to $5 million at either fixed or variable interest rates. They can be used to provide working capital, refinance any existing business debts, buy inventories, real estate, equipment, or a business. These loans do require borrowers to provide collateral.
SBA 504 Loans
504 loans can be obtained for up to $5 million at fixed interest rates, with terms of 10, 20, or 25 years. They can be used to buy major fixed assets that have a useful life of at least 10 years. Allowable uses include buying real estate and facilities, long-term machinery and equipment, or the improvement and modernization of existing facilities, including land, streets, utilities, parking lots, and landscaping. In some cases, a 504 loan can be used to consolidate or refinance debt if that debt involves the purchase of real estate and other tangible assets.
SBA Microloans
SBA Microloans provide up to $50,000 for small businesses and nonprofit childcare centers. They can be used for working capital, buying inventories, and machinery. They cannot be used for buying real estate or paying off debts.
SBA Express Loans
An SBA Express Loan can usually be obtained within 36 hours. Businesses could borrow up to $500,000 for 10 years. The funds can be used as working capital, to start a business, or for buying inventories and equipment.
Bank Loans and Lines of Credit
Our West Shore Bank business services include business term loans at competitive rates and customizable repayment terms, commercial real estate loans to buy land, a business property, or for construction, letters of credit, and business credit cards.
We’re Here to Help with All Your Business Banking Needs
Whether you need to open a business checking account, apply for a loan, or make use of our treasury management services, you can streamline your business banking needs by working entirely with us. Please contact us online, call us at (888) 295-4373, or visit one of our branch locations to schedule a consultation with one of our bankers.
