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How to Apply for a Business Loan

STEP 1: Verify your business resides in a County served by Northern Initiatives

Northern Initiatives provides loans and business coaching assistance in the 44 counties of Michigan and 5 border counties in Wisconsin as shown in the map:

 

If your business is located in one of these 49 highlighted counties, go to Step 2.

 

STEP 2: Gather the information you need to apply:

  • Personal and Business addresses and contact information
  • Personal and Business tax returns and bank statements
  • Business Income & Expense Report and Balance Sheet for existing Businesses
  • Purpose of loan and itemized use of proceeds
  • Personal and Business budgets and debt information
  • Documentation of other forms of income
  • If using a co-borrower or co-signer, their personal information
  • References
  • Pay stubs and proof of all income listed on application
  • Start-ups (6 months of operation or less) will need a business plan, financial projections, start-up budget and proof of equity.

 

STEP 3: Is your loan request for $50,000 or less?

Loans $50,000 or Less

There is a $100 non-refundable loan application fee. You may pay online using the Paypal link at the bottom of this page, or mail a check to the address noted below. If Paypal is used, your loan application will be processed within two business days. If a check is mailed, the loan application will be processed once the check is recieved. If pre-approved, you will be asked to provide the documentation listed above to NI by fax, mail, email or in person. Once received, it will be reviewed for a final decision. How quickly the loan closes will depend on how complete the application is and how quickly all the required documentation is provided to NI. Please contact an NI Lender with any questions.

Pay Using PayPal


(Loan Application will be processed within 2 business days)

Pay by Check
Checks Payable to: Northern Initiatives
Amount : $100.00

ATTN: Loan Application Processing
P.O. Box 7009
Marquette, MI 49855

(Loan Application will not be processed until check is recieved)

 

Loans Over $50,000

Click the link below to be directed to the downloadable paper application for a Business Loan of $50,001 or more. Included in the application is a checklist of forms and documents needed as well as instructions for submitting the application package to Northern Initiatives.