Business financing in Kalkaska County.

Small business financing is money you borrow — or sometimes receive as a grant — to start, run, or grow a business. It can cover equipment, supplies, a vehicle, working capital (day-to-day cash), or real estate for your business operations.

There are several types:

• **Term loans** — You borrow a set amount and repay it over time with interest. Common for equipment or expansion.

• **Lines of credit** — A revolving account you draw from as needed. Good for managing seasonal cash flow.

• **Microloans** — Smaller loans, often under $50,000, designed for newer or smaller businesses. Many CDFIs and nonprofits offer these.

• **SBA-guaranteed loans** — Loans made by local lenders where the U.S. Small Business Administration (SBA) backs part of the risk. This helps lenders say yes to borrowers they might otherwise turn down.

• **Grants** — Money you do not repay. Rare for for-profit businesses, but some state and local programs offer them, especially for specific industries or demographics.

• **ITIN loans** — Some lenders accept an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number, making financing accessible to immigrants and mixed-status households.

Kalkaska County is a rural county in northern Michigan. Financing options here often come through regional networks, not just big banks. Understanding that local layer is the key to finding the right fit.

Kalkaska County's economy is rooted in natural resources, tourism, agriculture, and small trades. Key industries include oil and gas extraction, logging, farming, outdoor recreation, construction, and small retail. If your business touches any of these sectors — or serves residents in this rural community — you have a real story to tell a lender.

**General eligibility factors lenders consider:**

• **Time in business** — Many traditional lenders want 1–2 years. Microloans and CDFIs often work with startups.

• **Credit score** — A score of 620 or higher helps with most programs, but some CDFIs and ITIN lenders work with thin or damaged credit.

• **Revenue and cash flow** — Lenders want to see that your business earns money or has a realistic plan to do so.

• **Business structure** — Sole proprietors, LLCs, and S-corps can all qualify. You do not need to be incorporated to apply to many programs.

• **ITIN holders** — If you do not have a Social Security Number, you may still qualify through ITIN-friendly lenders and CDFIs. This is more common than many people realize.

• **Sector fit** — Agricultural businesses may qualify for USDA programs. Construction contractors may qualify for specific trade-sector microloans.

Being in a rural county like Kalkaska actually opens doors to USDA Rural Development programs and some Michigan-specific rural business incentives that are not available in urban areas. That is a genuine advantage.

Every lender has slightly different requirements, but gathering these documents before you apply will save you time and stress:

**Personal identification:**

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

• Social Security Number OR Individual Taxpayer Identification Number (ITIN)

**Business documents:**

• Business license or registration (from the State of Michigan or Kalkaska County)

• Articles of Organization or Incorporation (if you have an LLC or corporation)

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

**Financial documents:**

• Last 2–3 years of personal tax returns

• Last 2–3 years of business tax returns (if applicable)

• Recent bank statements (usually 3–6 months)

• Profit and loss statement (a simple summary of income and expenses)

• Balance sheet (what your business owns vs. owes)

**For startups or newer businesses:**

• Business plan with financial projections

• Description of the market and your customers

**For real estate or equipment purchases:**

• Purchase agreement or invoice

• Collateral information (what you're offering to secure the loan)

If you need help preparing financial statements or a business plan, the Northern Lakes Economic Alliance (NLEA) and Michigan SBDC offer free or low-cost technical assistance in the Kalkaska region. Do not pay someone hundreds of dollars to write a business plan if free help is available.