Business financing in Huron County.

Business financing is money you borrow — or sometimes receive as a grant — to start, run, or grow a business. It's different from a personal loan because it's tied to your business activity: buying equipment, covering payroll during a slow season, purchasing a work vehicle, renovating a rental property, or building up inventory before a busy stretch.

The most common forms include:

• **Term loans** — A lump sum you repay over a fixed period, usually with a set monthly payment.

• **Lines of credit** — A flexible pool of money you draw from as needed and repay as you go. Good for cash flow gaps.

• **Equipment loans** — Financing tied directly to a piece of equipment (the equipment itself is often the collateral).

• **Microloans** — Smaller loans, often $5,000–$50,000, designed for early-stage or very small businesses. Often offered by nonprofit lenders called CDFIs.

• **SBA-backed loans** — Loans made by local banks or credit unions that carry a federal guarantee, which makes it easier to qualify if you don't have perfect credit or a long business history.

• **Grants** — Free money you don't repay, usually tied to specific industries, locations, or populations. Competitive and not always available, but worth researching.

None of these are handed out automatically. You apply, you document your situation, and a lender decides. The goal of this guide is to help you understand what's realistic and who to talk to right here in Huron County.

Huron County sits in Michigan's Thumb region. The economy here is anchored by agriculture (especially sugar beets, navy beans, and corn), commercial fishing, light manufacturing, construction trades, and tourism along the Lake Huron shoreline. If your business operates in any of these sectors — or supports them — you are exactly the kind of borrower that local and regional lenders are set up to serve.

**You may qualify for business financing if you:**

• Have been in business at least 6–12 months (some microlenders work with startups)

• Can show some level of consistent income, even if it's seasonal

• Have a business bank account or are willing to open one

• Can demonstrate a clear use of funds

• Have a reasonable plan to repay — even if informal at first

**Credit scores:** Most traditional lenders look for a score of 650 or higher, but CDFIs and microlenders often work with scores in the 550–620 range. If your credit is damaged or thin, don't assume you're disqualified — ask a CDFI first.

**ITIN borrowers:** If you don't have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN), you are not automatically excluded.

Several lenders and CDFIs in Michigan work with ITIN-holders.

You'll need to be upfront about your situation, and some lenders specialize in exactly this. More details in the local lenders section below.

**Seasonal businesses:** Huron County has many seasonal workers and contractors. Lenders familiar with the region understand that income isn't always even month to month. Bring your best 12–24 months of records to show the full picture.

**Agricultural businesses:** USDA Farm Service Agency (FSA) has specific programs for farmers and ag-related businesses in rural counties like Huron. These are worth exploring separately if farming is your core activity.

Gathering your paperwork before you walk into a lender saves a lot of back-and-forth. Every lender is a little different, but here is what most will ask for:

**For the business:**

• Last 2 years of business tax returns (or 1 year if you're newer)

• Last 3–6 months of business bank statements

• A simple profit-and-loss statement (your accountant or a free template can help with this)

• Business licenses, LLC registration, or DBA filings — whatever you have

• A brief description of what the loan will be used for

**For you personally:**

• Last 2 years of personal tax returns

• Government-issued ID (driver's license, passport, or consular ID card)

• Social Security Number or ITIN

• Personal bank statements (last 2–3 months)

**For collateral (if required):**

• Title to a vehicle or equipment

• Property deed or mortgage statement

• An invoice or quote for equipment you want to purchase

**If you're a startup (less than 1 year in business):**

• A written business plan — it doesn't need to be long, just clear

• Personal financial statement

• Evidence of any revenue, contracts, or clients you already have

Don't worry if you're missing something. A good lender or CDFI will tell you exactly what they need and give you time to gather it. Walk in with what you have and ask what's missing.