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MEDC | Michigan Business Report – Late May 2022

MEDC logoMichigan Awarded More Than $236 Million in SSBCI Funds to Support Small Businesses

Michigan has been approved for up to $236,990,950 in State Small Business Credit Initiative (SSBCI) funding from the U.S. Department of Treasury. SSBCI funds are designed to increase the availability of capital to small businesses through loans and equity investments that would otherwise not be available in the market through conventional terms.

Michigan’s SSBCI programs include support to small businesses owned by socially and economically disadvantaged individuals and to microbusinesses with 10 or less employees, as well as support for early-stage funding and technical assistance programming. The state is expected to receive the first round of the SSBCI funding – approximately $72 million – in the next 30 to 60 days. Small businesses seeking new financing should contact their local bank, credit union, or CDFI to discuss possible financing including SSBCI support.


LEARN MORE ABOUT NEW SSBCI FUNDING

New Michigan Talent Programs to Grow Workforce in Semiconductor, EV Industries
 
 

Michigan is deepening its support and preparedness for the semiconductor industry with the $1.5 million Semiconductor Career and Apprenticeship Network (SCAN) Program to build a more robust and knowledgeable talent pipeline. Michigan is one of only three states to provide this type of innovative solution to address the industry’s vital talent needs. The state also approved an additional $1.5 million for the MiREV EV Jobs Academy – Job Training Platform Development Program to continue proactively preparing the talent needed for automotive mobility and electrification current, emerging, future jobs and career pathways.

 
 
 
 
 
Business Expansions to Grow Jobs and Economic Opportunity for Michigan
 
 

The Michigan Strategic Fund (MSF) approved three business expansions – Calumet Electronics Corporation, Axiom Engineered Systems, LLC, and JR Automation – that will create 420 good-paying jobs for Michiganders, building on Michigan’s leadership in key industries. These automotive, semiconductor, and automation projects in Capac, Calumet, and Holland will continue to strengthen Michigan’s economy and bring prosperity to Michiganders from the Keweenaw Peninsula to the shores of Lake Michigan and Metro Detroit.

 
 
 
 
 
National Leaders Gather in Detroit for Smart Manufacturing Summit
 
 

Nearly 300 CEOs and other leaders of manufacturing companies from across the country gathered in Detroit for the Chief Executive 2022 Smart Manufacturing Summit. Attendees toured the revolutionary plant in nearby Dearborn where Ford is building the F-150 Lightning all-electric pickup truck, learned hacks for supply-chain management and 3D printing, and studied models for culture-building and brand-building. At a roundtable of manufacturing chiefs discussing the talent equation, MEDC CEO Quentin Messer joined an executive roundtable to discuss talent strategies including partnerships with workforce development boards and other state-level resources.

 
 
 
 
 
Michigan SBDC Offers Free Business Education Webinars
 
 

Sometimes the hardest thing about starting and owning a small business is knowing if you’re on the right track. The Michigan Small Business Development Center offers free business education trainings for small businesses from how to write a business plan to financial management, hiring your first employees and much more.

 
 
 
 
 
LISTEN: The Michigan Opportunity Podcast
 
 

A recent episode of The Michigan Opportunity podcast features Anthony Garofali, Country Managing Director for Altair. Garofali joins host Ed Clemente as they discuss the diverse international technology company with its world headquarters in Troy. Altair provides software and cloud services for simulation, IoT, high-performance computing (HPC), data analytics, and artificial intelligence (AI), for automotive, rail, aerospace, health, energy, architecture, marine, and much more.

 
 
 
 
 
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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