Business
3:39 pm
Fri July 27, 2012

Commission: Funding available for women-owned businesses

More than half of new businesses in Michigan are started by women. But women may not be aware of funding available to them.

The Michigan Women's Commission says women tend to start smaller businesses, rather than big manufacturing firms. They generally go to their bank or credit union for loans.

Suzy Avery directs the Women's Commission.

She says there are other sources for loans or grants that have been specifically set aside for women-owned businesses.

"That's why we think some of these interesting micro loans, or second-stage or venture capitals or angel funds might hold a hope for these people to start their own business, and have these women be successful right here in Michigan," Avery says.

Avery says Michigan women have been starting businesses involving computer applications, green technology and sustainability.

"It's not very expensive to start a new business, but sometimes we need help developing a business plan and doing some of the traditional things to get funding," she says.

She says the Commission will post a list of funding sources on its Web site in the next several weeks.

For more information: http://www.michigan.gov/mdcr/1,1607,7-138-4957---,00.html