Michigan Awarded Over $236 Million to Help Small Businesses

Michigan is in line to get more than $236 million dollars from the federal government to help boost small business growth.

“Ensuring small businesses can thrive and create good-paying jobs in every region of Michigan is critical as we continue growing our economy, driving down unemployment, and uplifting working families,” said Governor Gretchen Whitmer. “Small businesses form the backbone of Michigan’s economy. Recent data shows that entrepreneurs are fired up, starting tens of thousands of businesses and creating nearly 170,000 jobs just in the first three quarters of 2021. Today’s SSBCI funding will empower economically disadvantaged entrepreneurs and small businesses with timely financing to grow their business and create more jobs.”

Five states will get the money through the State Small Business Credit Initiative. The money is supposed to be used by states to help boost entrepreneurship and allow others to continue to recover financially from this pandemic.

“As we work to bolster our economic recovery, we must ensure that Michigan small businesses have the resources they need to stay afloat,” said U.S. Senator Gary Peters. “This funding will directly help our small business community create jobs, adapt operations and support local economies across our state. The State Small Business Credit Initiative is a proven success, and I’m pleased that the program I helped champion will continue to support businesses right here in Michigan.”

Hawaii, Kansas, West Virginia and Maryland were the other states selected in this round of funding.