Michigan has started deploying the first round of State Small Business Credit Initiative (SSBCI) 2.0 funding from the U.S. Department of Treasury. Through this initial round of funding, up to $72 million will be available to support loans to small businesses through the MEDC's SSBCI 2.0 Access to Capital programs, including the Collateral Support, Loan Participation, Loan Guarantee, and Capital Access programs.
MEDC’s Access to Capital programs are currently available using SSBCI 2.0 funds for small businesses seeking loans of more than $250,000. In addition, new credit enhancement opportunities are available for lenders supporting small businesses, with a focus on small businesses owned by socially and economically disadvantaged individuals (SEDI) and to businesses having 10 or fewer employees through the Loan Guarantee program. This program is intended to support lending to small businesses seeking loans of $250,000 or less. MEDC is currently in the process of identifying lenders to support these businesses. Lenders interested in receiving support from MEDC for a loan guarantee program should contact MEDC’s Capital Access team at businessloans@michigan.org to apply.
Banks, credit unions and CDFIs may begin making applications for loan enhancement support through any of the current programs. Updated program fact sheets and new SSBCI templates with industry eligibility updates can be accessed on the Capital Access program lenders page.
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About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at Michigan.org. Join the conversation on Facebook, Instagram, LinkedIn and Twitter.
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