Michigan 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
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