The Michigan Employment Loan Fund
The mission of the Michigan Employment Loan Fund is to reduce or eliminate barriers to employment through low-interest loans.
Financial loans can be used to buy employment-related equipment and training to use the equipment. Potential borrowers represent those interested in self-employment, those needing assistive devices to maintain, increase, or enhance employment, and those who require equipment to engage in telecommuting employment arrangements with an employer.
Loan Facts:
- Loans up to $20,000
- Interest rate is fixed for the term of the loan
- Current interest rates are 4.75% to 7.75% depending on credit score and loan term
- Loan terms can range up to 5 years depending on the business equipment purchased and the borrower’s ability to pay
- Monthly payments are paid to our credit union partner, Option 1 Credit Union.
Eligibility:
- Michigan residents with all disabilities, including seniors with age-related functional limitations, are eligible. You must be at least 18 and/or your own guardian.
- Loans must be used to buy business equipment and related education/training to use the equipment. The equipment must be needed for home-based employment as an employee or business owner on a full or part-time basis.
- You must submit a Promise Letter to Telework or a Business Plan with your loan application.
- Promise Letter to Telework information
- Sample Business Plan Outline
- Click here for a loan application checklist to find out if you are ready to apply.
How to Apply:
The Michigan Employment Loan Fund is a loan program, not a grant, which means you will have to repay your loan by making loan payments to Option 1 Credit Union. You may choose the day of the month your loan payments are due. Payments begin the month after your loan documents have been signed.
- Download the Adobe Acrobat application
- To have an application mailed to you, send an email to , or call us at 1.800.828.2714
- Mail completed loan application to:
Michigan Employment Loan Fund
c/o United Cerebral Palsy of Michigan
4970 Northwind Drive, Suite 102
East Lansing, MI 48823
Sample Payment Schedule
Use the chart below to estimate what your monthly payment might be. Actual rates may vary from the table below:
| 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | |
|---|---|---|---|---|---|
| $500.00 | $43 | $22 | $15 | ||
| $1,000.00 | $86 | $45 | $31 | $24 | $20 |
| $4,000.00 | $346 | $179 | $123 | $95 | $79 |
| $10,000.00 | $864 | $447 | $307 | $238 | $197 |
| $15,000.00 | $1,297 | $670 | $461 | $357 | $295 |
| $20,000.00 | $1,728 | $893 | $615 | $477 | $394 |