Learn More about CDFI's and Small Business Resources in Michigan see here
While the federal government does not provide grants for starting or growing small businesses, one of the mechanisms in place to promote small business growth and economic development is the Community Development Financial Institution Fund managed by the US Department of the Treasury.
Community Development Financial Institutions fall into four categories:
Bay Mills Housing Authority
CapFund New Markets LLC
Capital Fund Services, Inc.
Communicating Arts CU
Invest Detroit CDE
Little Traverse Bay Bands of Odawa Indians
Michigan Housing Trust Fund
Michigan Magnet Fund
Neighborhoods Inc. of Battle Creek
Northern Shores Loan Fund, Inc.
Port Huron CDE, LLC
Shorebank BIDCO, Inc.
Wayne County - Detroit CDE
The Small Business Investment Companies Program revolves around the notion of developing privately owned and managed investment companies which will be licenses and regulated by the Small Business Administration, so as to provide equity capital, long term loans, and advisory services to small business requiring such services.
The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to support minority-owned businesses by providing them with electronic and one-on-one business development services for a reasonably nominal fee.