Gov. Gretchen Whitmer on Tuesday joined the Michigan Economic Development Corporation (MEDC) to announce the new Small Business Support Hubs program aimed at investing in the state’s small business ecosystem.
In Michigan, small business growth has surged with 137,000 new small business applications submitted in 2022.
“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.”
Small Business Support Hubs will bring new and more comprehensive resources to small businesses across the state by providing funding to entrepreneurial hubs for operations, programming, and direct support to small businesses.
The program will provide up to $6 million in funding to entrepreneurial hubs to invest in regional operations, deployment of a variety of business support services, as well as direct grant support to small businesses who were disproportionately impacted by COVID-19.
The goals of the program are to:
• Support small businesses disproportionately impacted by COVID-19.
• Cultivate a more inclusive, accessible and integrated tech and small business entrepreneurial ecosystem.
• Increase the number of businesses served through new programming, technical assistance, and support services.
• Increase awareness of Michigan’s small business ecosystem.
• Expand the geographic reach of network partners into underserved communities and rural areas.
• Raise the national profile of Michigan’s small business ecosystem.
The Michigan Strategic Fund will select grantees through an open and competitive application process. Applications will be accepted from July 10 to Sept. 8. Detailed information will be provided to all interested parties via a webinar on July 11 from 9:30 to 10:30 a.m. and the recording will be made available following the event. More information can be found on michiganbusiness.org.
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