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MEDC | Michigan Business Report – Late August 2022

MEDC logoSSBCI 2.0 Funding Available for Small Businesses, High-Tech Startups

Michigan is 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 loan enhancement programs, and equity investments for early-stage, technology-based businesses in Michigan as part of the Small Business Venture Capital Program.

Within the next 60 days, funding will also be available for loans of $250,000 or less for small businesses, with a focus on businesses owned by socially and economically disadvantaged individuals, or businesses with fewer than 10 employees. Loans and equity investments under SSBCI 2.0 will be issued through lenders, not through the MEDC directly.

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Cultivate Your Talent at MI STEM Forward Meet-UP at Detroit Auto Show
 
 

Join us Thursday, Sept. 15 from 12-2 p.m. for the MI STEM Meet-UP as we showcase the MI STEM Forward Internship Program and connect upcoming talent with innovative companies throughout Michigan. The Meet-UP will provide both business and talent an opportunity to meet and network while showcasing all the innovation happening in Michigan. The MI STEM Forward Internship Program is operated by Ann Arbor SPARK and made possible through an MEDC-provided grant that offers financial support to companies hiring STEM interns. Participating companies are encouraged to complete an application and submit job descriptions in advance of the event here.

 
 
 
 
 
Michigan Defense Center CyberSmart Grant Webinar
 
 

Michigan defense contractors are approaching important deadlines for meeting DoD cybersecurity requirements. On Thursday, Aug. 25, tune in to the Michigan Defense Center CyberSmart Grant Webinar to learn about the new cybersecurity requirements from the Pentagon, how to take advantage of a new cost-sharing program to help pay for the improvements you’ll be required to make, and the risks of non-compliance.

 
 
 
 
 
Michigan Regional Council of Carpenters and Millwrights Opens Three New Skilled Training Centers Across the State
 
 

The Michigan Regional Council of Carpenters and Millwrights (MRCC) formed the Michigan Statewide Carpenters and Millwrights Joint Apprenticeship and Training Fund (JATF) to support apprenticeship programs throughout the state, training the next generation of skilled trade workers in Michigan. In support, the JATF embarked on an ambitious plan to build three new training centers in Detroit, Wayland and Negaunee, at a cost of more than $60 million. Learn how MEDC’s collateral support program helped MRCC overcome obstacles and accomplish this project. The new Detroit training center officially opened in June 2022 and will train up to 1,500 students a year.

 
 
 
 
 
LISTEN: The Michigan Opportunity Podcast
 
 

A recent episode of The Michigan Opportunity podcast features Dr. Thomas Glasmacher, Facility for Rare Isotope Beams (FRIB) Laboratory Director. Dr. Glasmacher joins host Ed Clemente as they discuss his role at the FRIB laboratory, what the FRIB does for the state, the potential economic impact and MSU’s dominance in the field of nuclear science. You can also read the transcript from the conversation.

 
 
 
 
 
Additional Resources Available Online
 
 

Michigan Economic Development Corporation helps to connect businesses to new resources, meet new partners and access the additional capital they need from the start. If your business needs support to reach its new potential, the MEDC is available to help. Visit michiganbusiness.org/pure-partnership to find customized business assistance.

MEDC continues to support businesses and communities across the state. Learn more about our economic and recovery resources currently available or read more about the impact our programs are having and our COVID-19 response.

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