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 only 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 that 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.

As a leader in the food distribution industry, Grand Rapids-based Superior Foods Company has provided fresh, quality products for years. Superior Foods is a wholesale processor and distributor of meat, seafood, and related food products to restaurants and grocery chains in Michigan and throughout the Eastern U.S. They continue to expand their service area and are committed to sourcing from local suppliers and farmers throughout Michigan and the Midwest. As with most industries during the COVID-19 pandemic, the restaurant and food supplier industries experienced several challenges. Superior Foods grew through the pandemic, building on decades of success with support from MEDC’s Collateral Support program. Read how MEDC helped Superior Foods fund growth opportunities that would not have been available otherwise, allowing the company to grow top line revenue of nearly 30 percent year over year.

MEDC’s Capital Access team will be out of the office starting Friday, Dec. 23, 2022, through Monday, Jan. 2, 2023. As the holiday shopping season winds down, we hope you will consider supporting your local businesses for those last-minute gifts for your loved ones. We look forward to supporting you once again in the new year.