SSBCI 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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