BUSINESS FINANCING · MI

Business Financing Guide for Washtenaw County, Michigan

This guide helps solo contractors, small business owners, and real estate investors in Washtenaw County, Michigan understand their financing options. It focuses on local lenders, CDFIs, and community resources that actually serve this region — not just national programs. Whether you have a Social Security Number or an ITIN, there are real paths forward. Take your time, compare your options, and work with people who know your community.

§ 01 — What it is

What Is Business Financing — and How Does It Work Here?

Business financing is money you borrow or receive to start, run, or grow a business. It can come as a loan you repay over time, a line of credit you draw from as needed, or a grant you do not repay at all. In Washtenaw County, financing options range from small microloans under $10,000 — ideal for solo contractors buying tools or covering a slow month — to larger SBA-backed loans for established businesses looking to expand or purchase real estate. The key idea in Washtenaw County is the local intermediary layer. Instead of going directly to a national bank, many small business owners here are better served by a local CDFI (Community Development Financial Institution), a credit union, or a nonprofit lending program. These organizations understand the regional economy — from Ann Arbor's tech and university ecosystem to the agricultural businesses in the county's rural townships — and they often work with borrowers who wouldn't qualify at a traditional bank.

§ 02 — Who qualifies

Who Qualifies — Tied to Washtenaw County's Regional Economy

Qualification requirements vary by lender and program, but here is what matters most in the local context: **Solo contractors and tradespeople:** If you work in construction, landscaping, cleaning, or another trade — with or without employees — you likely qualify for microloans or small business loans. A business license, proof of income, and a few months of bank statements are often enough to start. **Small real estate investors:** Washtenaw County has a strong rental market driven by the University of Michigan and Eastern Michigan University student populations, as well as young professionals in Ann Arbor and Ypsilanti. Small landlords with one to four units often qualify for community development loans, especially if the property is in a lower-income census tract. **Immigrant entrepreneurs and ITIN holders:** Ann Arbor and Ypsilanti have growing immigrant business communities. Several local lenders and CDFIs in this county accept an Individual Taxpayer Identification Number (ITIN) in place of a Social Security Number. You do not need to be a U.S. citizen to apply for many of these programs. **Startups and early-stage businesses:** The University of Michigan's presence creates a strong startup culture, and some programs specifically target businesses less than two years old. Revenue requirements are often flexible at the CDFI level. **Credit history:** Don't let imperfect credit stop you from asking. Many local CDFIs use alternative underwriting — looking at cash flow, character, and business potential, not just your credit score.

§ 03 — What you need

Documents You Will Typically Need

Every lender is different, but gathering these documents before you apply will save you time at nearly every institution in Washtenaw County: - **Government-issued ID** (driver's license, passport, or consular ID) - **SSN or ITIN** — either is accepted by most community lenders here - **Business license or DBA registration** (filed with Washtenaw County Clerk or the State of Michigan) - **Last 2–3 years of personal tax returns** (or 1 year if the business is newer) - **Business tax returns** (if you have them — not required for all programs) - **3–6 months of bank statements** (personal and/or business) - **Profit and loss statement** — even a simple one you create yourself is a good start - **Business plan or one-page description** of what you do and how the funds will be used - **Proof of address** in Washtenaw County (utility bill, lease, etc.) - **Accounts receivable or contracts** if you are a contractor — showing future income strengthens your application If you need help preparing any of these documents, the SCORE Ann Arbor chapter and the University of Michigan's Small Business Development Center (SBDC) offer free one-on-one advising — no cost, no obligation.

§ 04 — Where to start in Washtenaw County

Local Lenders, CDFIs, and Resources That Serve Washtenaw County

These are organizations with an actual presence or lending history in Washtenaw County. Origen Capital is a directory, not a lender — always verify current programs and eligibility directly with each organization. **CDFIs and Nonprofit Lenders** - **Opportunity Resource Fund (ORF)** — A Michigan-based CDFI headquartered in Lansing with a history of serving Southeast Michigan, including Washtenaw County. Offers small business loans, often to businesses that don't qualify at traditional banks. ITIN-friendly in many cases. - **Michigan Women Forward** — Focused on women entrepreneurs across Michigan. Offers microloans and business development support. Serves Washtenaw County borrowers. - **Detroit Development Fund (DDF)** — Covers the broader Southeast Michigan region including Washtenaw. Provides SBA microloan program funds and direct loans to underserved small businesses. **SBA District Office** - **SBA Michigan District Office (Detroit)** — Serves all of Michigan including Washtenaw County. This office oversees SBA 7(a) loans, 504 loans, and the SBA Microloan Program. They can refer you to approved local lenders and CDFIs. Located at 477 Michigan Ave, Detroit. Call before you visit: (313) 226-6075. **Local Credit Unions** - **University of Michigan Credit Union (UMCU)** — Based in Ann Arbor, UMCU offers small business loans and checking accounts. Membership is open to people who live, work, or worship in Washtenaw County — not just UM employees. - **ELGA Credit Union** — Serves the broader Michigan region including Washtenaw County. Offers business loans and flexible underwriting for small businesses. - **Arbor Financial Credit Union** — Has a presence in the Ann Arbor area and offers small business financial products. **ITIN-Friendly and Immigrant-Serving Resources** - **Self-Help Credit Union** — A national CDFI with Michigan operations that has a strong record of serving ITIN borrowers and immigrant entrepreneurs. - **Michigan Immigrant Rights Center (MIRC)** — Based in Ann Arbor. While not a lender, MIRC can connect immigrant business owners to appropriate financial services and legal guidance. **Small Business Development Center** - **Michigan SBDC – Southeast Michigan Region** — Offers free consulting, help preparing loan applications, and connections to local lenders. The regional office covers Washtenaw County. Advisors speak with both new and established business owners. No cost to use their services. **Local Government Programs** - **Washtenaw County Office of Community and Economic Development** — Administers some community development block grant (CDBG) funds and can point small businesses and landlords toward local financing programs, particularly in lower-income areas of the county. - **City of Ypsilanti and Ann Arbor Economic Development** — Both cities periodically offer small business grants and façade improvement loans. Check their websites for current availability.

§ 05 — What to avoid

Michigan-Specific Regulatory Notes

Understanding the rules of the road in Michigan will help you avoid surprises: **Business registration:** Michigan requires most businesses to register with the Michigan Department of Licensing and Regulatory Affairs (LARA). A sole proprietor using a name other than their own legal name must file a DBA (Assumed Name) with both LARA and the Washtenaw County Clerk. Filing fees are modest — typically under $25. **Michigan usury laws:** Michigan does not have a single maximum interest rate for all commercial loans, which means some lenders — especially online lenders and merchant cash advance companies — can charge very high rates. Always ask for the APR (Annual Percentage Rate) in writing before signing anything. **Michigan Small Business Relief Program:** Michigan periodically offers state-level relief and grant programs through the Michigan Economic Development Corporation (MEDC). These programs open and close; check medc.michigan.org for current availability. **Personal property tax:** In Michigan, business personal property (equipment, furniture, etc.) may be subject to local personal property taxes. Washtenaw County has an exemption available for small businesses — ask your local assessor about the Small Business Taxpayer Exemption. **Contractor licensing:** Solo contractors in Michigan must hold appropriate state licenses (e.g., contractor, electrician, plumber). Lenders may ask for proof of licensure. The Michigan Department of Licensing and Regulatory Affairs (LARA) handles these.

§ 06 — Ask a question

IRIS AI

Still don't see your situation?

Ask Iris. She'll explain it the way it should have been explained the first time.

ACROSS THE NETWORK

ReadyDocs

Starting a business in Washtenaw County? ReadyDocs has the compliance guide.

The Board

Need a licensed contractor in Washtenaw County?

§ 07 — Part of The Legacy Bridge Network

Four products. One purpose.