City of Saginaw, Michigan


Loans are available up to $220,000 for the following:

  • Commercial Real Estate Acquisitions
  • Equipment
  • Machinery
  • Furniture
  • Fixtures
  • Inventory
  • Construction/Renovation (Subject to Davis Bacon-Act)

Interest Rates and Terms

Fixed Rates

Treasury rate + 1% (subject to change)


2-10 years on machinery, equipment, inventory, furniture, and fixtures.

Up to 15 years on commercial real estate.

(Loan terms are normally comparable to the life of the asset)


  • The applicant's project must be located within the City of Saginaw.
  • Must have the ability to create one full time job or two part-time jobs for every $35,000 borrowed.
  • Borrowers are required to contribute 10% of the loan amount.


Businesses that are interested in applying for the loan should submit:

  • A Complete business plan with Financial Statements, Marketing Plan, Description of Products/Services and Management Resumes
  • A written bank approval with written maximum amount approved OR two written bank denials from at least two banks before SEDC is considered.
  • Evidence of 10% equity investment.
  • Quotes of items being purchased by SEDC.
  • Personal Financial Statement
  • Signed Loan Application
  • Tax returns (business tax returns and personal tax returns), including all schedules for prior three (3) years. (If new business, submit your last three (3) personal income tax returns).
  • Balance Sheets/Projected Balance Sheets (Year 1 by month, Year 2 by year).
  • Profit and Loss Statement/Projected Profit and Loss Statement (Year 1 by month, Year 2 by year).
  • Statement of Cash Flows/Projected Statement of Cash Flows (Year 1 by month, Year 2 by year).
  • $250 application fee (non-refundable).

Once you have all the documents, you will submit them to Saginaw Economic Development Corporation.