The Michigan Economic Development Corporation (MEDC) is pleased to announce the new Small Business Support Hubs program aimed at investing in the state’s small business ecosystem.
Donor Name: Michigan Economic Development Corporation
State: Michigan
Type of Grant: Grant
Deadline: 09/08/2023
Size of the Grant: $500,000 to $5 million
Details:
The Michigan Strategic Fund (MSF) is seeking applications from organizations that identify as, or intend to create, entrepreneurial hubs in support of small businesses who were disproportionally impacted by the COVID-19 pandemic.
Objectives
The goals of the program are to:
- Support small businesses disproportionately impacted by COVID-19
- Strengthen and/or establish locally relevant, regionally based ecosystems to cultivate a more inclusive, accessible and effective entrepreneurial ecosystem
- Position small business support hubs to increase the number of businesses served through new and scaled programming, technical assistance and other support services
- Increase access to regional, statewide and national small business support resources
- Expand geographic reach of network partners into underserved and rural areas
- Raise the national profile of Michigan’s small business ecosystem
Funding Information
- Up to $65 million in funding will be allocated to Hubs for Operations and Programming. Applicants may apply for a minimum of $500,000 in funding up to a maximum of $5 million for Operations and Programming.
- Additionally, up to $10 million in funding will be allocated to Hubs for grants to eligible small businesses.
Eligibility Criteria
Eligible applicants are entities that identify as an entrepreneurial hub
For the purposes of this program, an entrepreneurial hub is defined as an entity that has a physical space that provides training and resources to entrepreneurs through a combination of direct service (i.e, on-site through staff, contractors, or strategic partnerships), remote service (i.e., off-site through field staff, contractors, or strategic partnerships), and referral relationships (i.e. organizations, entities or individuals with distinct or complementary technical or culturally competent expertise) to support the launch, sustainability and/or growth of entrepreneurs. The types of training and resources provided to entrepreneurs through Hubs might include one-on-one coaching, consultations, workshops, seminars, cohort-based learning, incubation activities, accelerator activities, networking and mentorship opportunities and events.
Eligible applicants must be:
- Self-identified as an entrepreneurial hub
- A non-profit organization
- Headquartered in Michigan
- In good standing with the State of Michigan
- Registered or have the ability to register for a federal UIE number
- Eligible to do business with the federal government
Examples of eligible applicants include, but are not limited to:
- MEDC SmartZones
- Business Service Organizations
- Entrepreneurial hubs, business accelerators, or business incubators
- Tribal entities
- Other entities serving small business owners in diverse, rural and other underrepresented communities
- Eligible applicants may also contract with third parties to plan, execute, and manage the deployment of small business support services. Any contracted entity shall be subject to all applicable federal requirements.
For more information, visit Michigan Economic Development Corporation.
