
The Michigan Economic Development Corporation (MEDC) is requesting information from the public – including financial institutions, Community Development Financial Institutions (CDFI), Minority Deposit Institutions (MDI), economic development organizations, neighborhood and community development organizations, technical assistance providers, small business support organizations, Venture Capital Funds, Angel Funds, and other entities that serve a small business customer – to provide recommendations for opportunities to scale or improve existing resources or to create new programs to leverage federal State Small Business Credit Initiative (SSBCI) funding.
The federal SSBCI will provide funds to the State of Michigan to support programs for small businesses. Michigan will receive an allocation of $176 million based on a federal formula and will also be competing for an additional allocation based on a competitive application.
As the state develops its application and designs small business capital and technical assistance programs through an inclusive and equitable lens, the MEDC invites the public to provide information and feedback to support new and existing small businesses through a Request for Information (RFI).
Recently, Governor Gretchen Whitmer laid out her proposal for a $2.1 Billion investment to grow the middle class, support small businesses and invest in our communities, including a call for investments in both our high-tech entrepreneurial ecosystem, and critical support for our entrepreneurial and place based Main Street businesses. Developing a plan around how best to leverage SSBCI funding will be a key component for ensuring small businesses across the state are able to access the capital they need to thrive.
RFI responses are due via email only by Sept. 27, 2021 at 3 p.m. to contractsandgrants@michigan.org.
THE STATE SMALL BUSINESS CREDIT INITIATIVE
The MEDC is requesting information from the public – including financial institutions, Community Development Financial Institutions (CDFI), Minority Deposit Institutions (MDI), economic development organizations, neighborhood and community development organizations, technical assistance providers, small business support organizations, Venture Capital Funds, Angel Funds, and other entities that serve a small business customer – will be asked to provide recommendations for opportunities to scale or improve existing resources or to create new programs.
Background
The State Small Business Credit Initiative (SSBCI) will provide funds to the State of Michigan to support programs for small businesses. Michigan has received an allocation based on a federal formula and will also be competing for an additional allocation based on a competitive application. As the state develops its application and designs small business capital and technical assistance programs through an inclusive and equitable lens, the State invites the public to provide information and feedback in order to support new and existing small businesses.
Timeline
- September 9, 2021: RFI Release
- September 27, 2021 at 3:00 p.m.: Responses are due via email only to contractsandgrants@michigan.org. Proposals will not be accepted via U.S. Mail or any other delivery method.
RFI Details
Click here to view the full details of the RFP.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness, and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org
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