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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 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.

View the press release.

Grant Timeline

August 17, 2026

RFP Posted

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

Download the full RFP
August 24, 2026, 1:00 p.m.

Informational Webinar

Join the August 24th informational webinar

An informational webinar on the grant and the application portal, EGrAMS, will be held on August 24 at 1 p.m. EDT. The webinar recording will be shared on this page.

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

Submission Deadline

Access the grant application on EGrAMS
November 2026

Awardee Notified

December 1, 2026 ToSeptember 30, 2029

Grant Period