Michigan has started deploying its first round of funding for State Small Business Credit Initiative (SSBCI) 2.0 from the U.S. Department of Treasury. Michigan was one of the first five states to be approved for this round of SSBCI funding, which is intended to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic.
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 very 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. Lenders interested in receiving support from MEDC for a loan guarantee program may contact MEDC’s Capital Access team at businessloans@michigan.org to apply.
Interested in any of the SSBCI 2.0 Access to Capital programs but want to learn more? MEDC and the Michigan Department of Insurance and Financial Services hosted a webinar which provided an in-depth overview of these programs and requirements, followed by a Q&A session. Watch the full webinar here or view the presentation here.
Updated program fact sheets and new SSBCI templates with industry eligibility updates are available on the Capital Access program lenders page.
Lenders should contact the Capital Access team to enroll in one of these SSBCI 2.0 Access to Capital programs. Please pass this information along to any of your business customers who may benefit from one of these programs.
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
