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MI Affordable Loan Program

MI Affordable Loan Program

Grant opportunity: MI Affordable Loan program

LEO is requesting proposals until 3 p.m. on April 28, 2026, from interested parties that have demonstrated experience and success in providing low-barrier access to loans of up to $1,200 for those who may not typically engage with financial institutions. Through this pilot program, the grantees will develop a small dollar, short-term loan product whereby customers will be able to secure loans of up to $1,200, within a 12-month period, where the customer will pay no more than 36% APR. This can be accomplished by partnering with nonprofit community organizations to help refer and qualify potential customers.

View the press release.

Grant Timeline

March 16, 2026

RFP Posted

Visit the links below to learn more about the grant and eligibility requirements.

March 23, 2026, 1:00 p.m.

Informational Webinar

Join the informational webinar

An informational webinar on the grant and the application portal, EGrAMS, will be held on March 23 at 1 p.m. EDT. The webinar recording will be shared on this page.

April 28, 2026, 3:00 p.m.

Submission Deadline

Access the grant application on EGrAMS
June 2026

Awardee Notified

July 1, 2026 ToSeptember 30, 2029

Grant Period