Grant opportunity: MI Affordable Loan program
LEO is requesting proposals until 3 p.m. on September 28, 2026, from interested parties that have demonstrated experience and success in providing low-barrier, same day 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, same day 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.