The state of Michigan will offer $19 million in funding to organizations that offer loans and other support services to small businesses across Michigan that have difficulty accessing credit. 

Lawmakers allocated the funding in a budget for the state’s 2024 fiscal year that starts Oct. 1 and awaits Gov. Gretchen Whitmer’s signature. The funding will go to certified community development financial institutions (CDFIs) that work with entrepreneurs, particularly in underserved, low-income and rural markets, and support projects for affordable housing.