Advocacy News – July 5, 2023
The Michigan Economic Development Corporation (MEDC) recently announced the creation of the new Small Business Support Hubs program aimed at investing in the state’s small business ecosystem as well as additional grant opportunities for small businesses disproportionately impacted by COVID-19.
The Small Business Support Hubs are aimed at bringing 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; and
- Raise the national profile of Michigan’s small business ecosystem.
Eligible applicants are entities that identify as an entrepreneurial hub with physical spaces that provide entrepreneurs with training and resources including one-on-one coaching, consultations, workshops, seminars, incubation activities, and networking and mentorship opportunities and events.
In February, the Michigan legislature passed into law the $75 million Small Business Smart Zones and Business Accelerators initiative. This is a one-time appropriation using American Rescue Plan Act (“ARPA”) funds to create and operate programs to support small businesses disproportionately impacted by COVID-19.
The Michigan Strategic Fund will select grantees through an open and competitive application process. Applications will be accepted from July 10, 2023, to Sept. 8, 2023. Detailed information will be provided to interested parties via a webinar July 11 from 9:30–10:30 a.m. (a recording will be made available following the event).
Additional information can be found at www.michiganbusiness.org.