Business and Industry Guaranteed Loan in Michigan

The Business and Industry (B&I) Guaranteed Loan Program offers loan guarantees to lenders for loans to eligible borrowers to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. Eligible uses of funds include business conversion, enlargement, repair, modernization, or development; purchase and development of land, buildings, and associated infrastructure for commercial or industrial properties; purchase of machinery and equipment; debt refinancing when the project is viable and creates/saves jobs; and business acquisitions.

Applications are accepted and processed in the order they are received. Lenders must file a preapplication or application with the Agency. The lender is responsible for servicing the entire loan and taking all servicing actions that a reasonably prudent lender would perform. The program is available to cooperative organizations, corporations, partnerships, or other legal entities organized and operated on a profit or nonprofit basis; Indian tribes; public bodies; or individuals. Projects must generally be located in eligible rural areas.