MEDC’s Capital Access Program remains committed to helping small businesses throughout Michigan receive loans from banks and lending institutions to help their businesses grow and succeed. Thanks to your partnership, small businesses have access to capital that would traditionally be unavailable.
To grow our impact even further, in January 2022, the Michigan Strategic Fund (MSF) board approved the State Small Business Credit Initiative (SSBCI 2.0) Michigan Business Growth Fund 2.0 programs and guidelines to access a minimum of $215.7 million in federal funding allocated to Michigan in 2021 through the American Recovery Plan Act.
With the availability of SSBCI 2.0 funding, the state will be able to expand its existing programs to include support for small businesses still experiencing financial setbacks due to the pandemic, such as small businesses with 10 employees or less, businesses located in rural areas, and businesses owned by socially and economically disadvantaged individuals. In addition, new programming will now offer technical assistance for small businesses.
Approval of the SSBCI 2.0 guidelines in January allowed the state to submit its application for its SSBCI funding to the U.S. Treasury. It is anticipated that the state could receive SSBCI 2.0 funding and the ability to begin implementing within the next few months. Until then, current funding remains in place so that MEDC can continue supporting businesses in need of new financing.
For more information on MEDC’s current Capital Access programs, visit here. For information on SSBCI 2.0 funding and to learn how your lending institution can get involved, please contact Chris Cook, Program Director or Amber Westendorp, Capital Project & Portfolio Manager.
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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. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.