Michigan implements small business support hubs
It will provide resources and grants to the state’s small businesses
LANSING, Mich. (WNEM) - Gov. Gretchen Whitmer and the Michigan Economic Development Corporation (MEDC) announced a new small business support hubs program to invest in small businesses.
In Michigan, small businesses have grown, with 137,000 new small business applications being submitted in 2022, according to Whitmer’s office.
“Ensuring our small businesses are positioned to grow and create good jobs across Michigan is critical as we continue to grow Michigan’s economy and build a brighter future for our residents,” Whitmer said. “Thriving small businesses are vital to our state’s economy, and these federal funds will provide economically disadvantaged entrepreneurs and small businesses with timely financing to build up their business, create jobs for their friends and neighbors and support their community’s vibrancy along the way,” she said.
The program will provide up to $6 million in funding to the hubs to invest in regional operations, implement business support services, and grant support for businesses disproportionately impacted by COVID-19.
Another goal to help small businesses impacted by COVID-19 is to make a more accessible and integrated tech and small business ecosystem. The program will look to expand the geographic reach of network partners into underserved communities and rural regions. It will attempt to raise the national profile of Michigan’s small businesses.
If you have a physical space to act as a hub to provide business owners with training, resources, coaching, workshops, seminars, networking, and mentorship opportunities, you could be an eligible applicant. The program was approved by the Michigan Strategic Fund on Tuesday, June 27. The Fund will select grantees through an open and competitive application process. Applications will be accepted from July 10 to Sept. 8, 2023.
If you are interested in detailed information, you can join a webinar set for July 11 from 9:30 a.m. to 10:30 a.m. You can sign-up by going to the Michigan Business website.
The Michigan Legislature passed into law a $75 million Small Business Smart Zones and Business Accelerators initiative. It’s a one-time appropriation using American Rescue Plan Act (ARPA) funds.
The state’s strategic fund also approved the Michigan Innovate Capital Fund Program which awards incentives to non-profits that operate fund programs to invest in competitive edge technologies that require capital in the early stages of commercialization. Organizations must show the ability to invest in high-growth technology-based companies.
For more information on small business support and the approval of Michigan’s Innovate Capital Fund Program, visit Michigan’s website.
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