Business financing in Antrim County.

Small business financing is money you borrow or receive to start, grow, or stabilize a business. It can come in several forms:

**Term loans** — You borrow a fixed amount and repay it over time with interest. Good for buying equipment, renovating a property, or covering a one-time large expense.

**Lines of credit** — A flexible pool of money you draw from as needed and repay on a rolling basis. Useful for managing cash flow between jobs or contracts.

**Microloans** — Smaller loans, typically under $50,000, often offered by nonprofit lenders (CDFIs) with more flexible qualifications than banks. Very common for newer or smaller businesses in rural areas like Antrim County.

**SBA-backed loans** — Loans made by local banks or credit unions, but partially guaranteed by the U.S. Small Business Administration. The guarantee makes lenders more willing to say yes to borrowers they might otherwise turn down.

**Grants** — Money you don't repay, usually tied to specific uses, industries, or eligibility criteria. Grants are competitive and not guaranteed, but they are worth pursuing.

**Revenue-based financing / merchant cash advances** — These exist but carry serious risks. See the 'What to Avoid' section before considering them.

For most small business owners and solo contractors in Antrim County, the best starting points are microloans, SBA-backed loans, and local credit union products.

Antrim County is a rural, northern Michigan community anchored by tourism, agriculture, construction trades, small retail, and seasonal hospitality businesses. The local economy runs on self-employed workers, family-owned shops, farms, and short-term rental properties. That mix matters when you apply for financing.

**Good news for rural borrowers:** Because Antrim County is classified as a rural area, many state and federal programs offer looser qualifying criteria, lower minimum revenue requirements, and priority access to rural development funds.

**Seasonal income is common and understood here.** Lenders who work in northern Michigan — especially local credit unions and CDFIs — know that a landscaping contractor or a resort-area restaurant may earn most of its revenue from May through October. They are more likely to average your income across 12 months rather than penalize you for slow winter months.

**Solo contractors and gig workers qualify.** If you file a Schedule C on your federal taxes, you can apply for most small business loans. You do not need to be an LLC or corporation, though having a registered business entity can help.

**ITIN holders can qualify.** If you do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN), you may still qualify for financing through certain CDFIs and ITIN-friendly lenders. See the lender section below.

**Credit score thresholds vary.** Banks may require a score of 680 or higher. CDFIs and microloan programs often work with scores as low as 580, or with borrowers who have no credit history, if you can demonstrate consistent income and business activity.

**Real-estate investors:** If you own or are purchasing rental property in Antrim County, DSCR (Debt Service Coverage Ratio) loans — which qualify you based on rental income rather than personal income — are available through some portfolio lenders and credit unions.

Every lender has its own checklist, but the following documents come up in almost every application. Gathering these before you apply will save you time and signal to lenders that you are organized and serious.

**Identity & Legal Status**

- Government-issued photo ID (driver's license, passport, or consular ID / matrícula consular)

- Social Security number or ITIN

- If you have an ITIN: your ITIN assignment letter from the IRS

**Business Documents**

- Business license or DBA registration (if applicable)

- Articles of Incorporation or LLC Operating Agreement (if you have one)

- EIN (Employer Identification Number) letter from the IRS — free to obtain at IRS.gov

**Financial Documents**

- Last 2 years of personal federal tax returns (1040, including Schedule C if self-employed)

- Last 2 years of business tax returns (if filed separately)

- Last 3–6 months of bank statements (personal and/or business)

- A simple profit-and-loss statement for the current year (a spreadsheet is fine for microloans)

- List of any existing debts or loans

**For Real-Estate or Property Loans**

- Property address and estimated value

- Current lease agreements (for rental income verification)

- Recent mortgage statement (if refinancing)

**For SBA Loans**

- SBA Form 1919 (Borrower Information Form) — your lender will give you this

- Personal Financial Statement (SBA Form 413)

**Tip:** CDFIs and microlenders are often more flexible about documentation than banks. If you are missing something, ask — many will work with you to find alternative ways to verify income or identity.