Michigan-owned opportunity control. The Michigan Department of Labor and Economic Opportunity (LEO) is accepting proposals for the MI Affordable Loan Program 2027, RFP code MALP-2027.
Funding: $2,450,000 total available; 2-4 awards anticipated; maximum award $2,450,000. State general funds. Grant period: December 1, 2026 through September 30, 2029.
Deadline: September 28, 2026 at 3:00 p.m. EST, as stated in the controlling RFP. Submission is through LEO EGrAMS by an Authorized Official. Applicants must complete required EGrAMS registration and maintain required UEI/SAM and SIGMA vendor information.
Eligibility: Applicants must qualify as a Michigan-regulated/licensed lender or qualifying bank, credit union, CDFI, or nonprofit under the RFP; maintain at least one physical Michigan location offering the program and serving Michigan residents; and operate an online application system. The program is designed for small-dollar consumer loans of up to $1,200 at no more than 36% APR for underserved, unbanked, and underbanked Michigan residents.
Match: No matching funds are required unless the applicant elects the optional Loan Loss Reserve, which requires matching funds. Administrative costs may not exceed 10%.
Program controls: The RFP requires secure online application and decisioning capabilities, loan-level data and audit trails, credit reporting, outreach/community engagement, consumer protections, free financial-literacy and low/no-cost banking information, and monthly narrative and financial reporting. Prohibited costs include capital expenditures, corporate debt, contingencies, donations/contributions, entertainment, fines/penalties, and legislative, religious, political, or advocacy costs. The RFP also prohibits loans above 36% APR, excessive late fees, and required add-on products.
Evaluation: Minimum score for award eligibility is 80/100. Published evaluation categories are need (15), scope (45), competence (10), work plan (10), and budget (20).
Atlas fit: Strong grant-assistance fit for a verified eligible lender/CDFI/nonprofit with a credible Michigan small-dollar lending program. N9+ fit is not established and must not be forced. QC Healthcare / Dr. Miltie direct-applicant fit is not established under the published eligibility requirements.
Outreach control: This program-level record alone does not authorize ORIGINAL outreach. Before any ORIGINAL outreach, verify a specific eligible Michigan applicant, a current verified business Contact and email, Email_Opt_Out and authoritative permanent-bounce status, exact organization-plus-opportunity deduplication across Contact, Deal, Atlas_Email_Queue, and authoritative send history, and confirm the applicant can meet the RFP operational and regulatory requirements. Do not infer email addresses. Do not create a replacement original for Pending or Processing queue records.
Official source: Michigan LEO MI Affordable Loan Program.