A recently announced $950,000 in support from the Ruth Mott Foundation to Michigan Women Forward (MWF) will help expand access to loans and economic opportunities for Flint entrepreneurs.
The funding, through a $500,000 program investment and a supporting grant of $450,000, will establish an on-the-ground presence for Michigan Women Forward in Flint at the downtown Flint office of 100K Ideas, a nonprofit organization that helps bring entrepreneurial ideas to life through business development and other types of support services.
MWF is a Detroit-based community development financial institution dedicated to expanding economic opportunities for women and entrepreneurs of color. MWF will work in close partnership with 100K Ideas, providing access to capital, business education, and technical assistance for local entrepreneurs. A newly created full-time lending officer dedicated to Flint and based at 100K Ideas will work to build relationships with local business owners, provide one-on-one guidance, and connect entrepreneurs to financing and capacity-building resources.
“Entrepreneurs in Flint have the vision and drive to build thriving businesses, but can face barriers to accessing capital,” Ruth Mott Foundation president Sue Peters said in a news release. “The MWF model builds on existing efforts by adding a layer of financing and hands-on support—working alongside the community and local partners to ensure more businesses can start, grow, and succeed right here in Flint.”
The program-related investment in the form of a $500,000 loan will enable MWF to offer small loans of approximately $2,500–$50,000 to entrepreneurs, focusing on those who are excluded from traditional banking due to low credit scores, lack of collateral, or insufficient business history. The $450,000 grant over three years will help establish the local office.
“Too many entrepreneurs are told they’re not ready for funding when what they really need is a partner to help them get there,” said Carolyn Cassin, MWF president and CEO, in a news release. “This investment allows us to be present in Flint, build relationships locally, and provide the kind of coaching and access to capital that can help businesses grow and create long-term economic opportunity.”
Through its partnership with 100K Ideas, MWF is able to work alongside a respected local organization that has strong, established relationships with Flint entrepreneurs.
“The small business funding landscape is changing, making it more important than ever to expand options for small businesses and entrepreneurs in Flint,” 100K Ideas executive director Brandee Cooke-Brown said in a news release. “MWF’s approach is a great fit for Flint. We are excited to partner with them as they launch Flint-focused programming that combines education with investment—a critical step in helping businesses secure their first loan.”
As part of the Flint launch, there are two upcoming opportunities for entrepreneurs:
- 100K Ideas’ Business Basics Cohort – June 3-Aug. 12 (Bi-weekly Wednesdays from 5–6:30 p.m.) This pilot program is designed to help businesses build a strong foundation and prepare them for future capital. More than ensuring businesses have the documentation to secure capital, this program works alongside business owners to ensure they fully understand their operations and finances.
- Capital Readiness Lab – Aug. 26-Sept. 30 (Wednesdays from 5:30–7 p.m.) This multi-week, cohort-based program will provide in-depth support to help entrepreneurs strengthen their financials, refine their business strategy, and prepare for capital.
Information for local entrepreneurs to access these programs is available online.
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