State & Local News
Michigan LEO Seeks Partners for Affordable Loan Program
March 17, 2026
The Michigan Department of Labor and Economic Opportunity (LEO) has issued a request for proposals (RFP) to identify partners to launch the MI Affordable Loan program. This initiative aims to provide low-income Michiganders with small dollar, short-term loans up to $1,200 at a maximum APR of 36%, targeting equity gaps in lending and promoting financial stability for underserved populations. The program emphasizes inclusive lending practices and responsible financial products to support economic prosperity within the state.
- The contract opportunity involves program management and partnership development to implement the MI Affordable Loan program statewide.
- Procurement professionals should note the focus on equitable access and financial inclusion, which may influence evaluation criteria and partnership models.
- Vendors with expertise in small-dollar lending, financial services, or community-based program delivery may find strategic opportunities to engage.
- The program aligns with state-level priorities to reduce economic disparities, indicating potential for future related initiatives or expansions.
- Key contacts for procurement inquiries include LEO's Poverty Task Force email, facilitating direct communication for proposal clarifications.
Expanding access to these types of small-dollar loans will help ensure the people who need it most have a reliable option and a pathway toward stronger financial stability. Iβm proud to partner with the department on this effort and continue my work to strengthen responsible lending reforms in our state.
— Sarah Anthony (D-Lansing), Senator
Agencies
Michigan Department of Labor and Economic Opportunity