The U.S. Department of the Treasury has recently released the allocations for the employment-based portion of state's funds ($6.25 billion) and Michigan will be receiving $175.9 million in allocation. Each state's allocation is available here. The remainder of the program funding will be allocated based on competitive scoring.
In a recent press release by U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI), MEDC’s Chief Business Development Officer and Executive Vice President Josh Hunt, shared how this SSBCI funding will “help drive the growth of Michigan businesses of all sizes and across industries, in turn creating economic opportunities for Michigan workers and strengthening our path toward economic recovery.”
Over the next several weeks, the Capital Access team is working hard to analyze current programming as well as generate potential program ideas to support small business needs around access to capital. In doing so, the team is meeting with banks, credit unions, community development financial institutions (CDFIs), and other stakeholders to evaluate current small business needs.
If you have any questions, or would like to meet with the Capital Access team, please contact Amber Westendorp at westendorpa1@michigan.org or (517) 335-8385.
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 www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org
