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Michigan Employment Loan Fund
Formerly the Michigan TeleWork 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 equipment for self-employment or to work for an employer from home or a telework center.
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, 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. MELF staff will help you get started on these items.
- Promise Letter to Telework information (link coming soon!)
- Sample Business Plan Outline (link coming soon!)
- Click here for a loan application checklist to find out if you are ready to apply. (link coming soon!)
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.
- Click here to download the Microsoft Word application (link coming soon!)
- Click here to download the Adobe Acrobat application (link coming soon!)
- To have an application mailed to you, send an email to info@michiganloanfunds.org, 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 |
$43 |
$22 |
$15 |
|
|
$1,000 |
$86 |
$45 |
$31 |
$24 |
$20 |
$4,000 |
$346 |
$179 |
$123 |
$95 |
$79 |
$10,000 |
$864 |
$447 |
$307 |
$238 |
$197 |
$15,000 |
$1,297 |
$670 |
$461 |
$357 |
$295 |
$20,000 |
$1,728 |
$893 |
$615 |
$477 |
$394 |
For more information about Michigan Employment Loan Fund, please contact UCP at (800) 828-2714 or send an e-mail.
http://www.michiganloanfunds.org
Updated: 09/22/2009
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