As a small business owner in Michigan, finding funding opportunities can be challenging. Thankfully, there are numerous grants available to help entrepreneurs launch and grow their businesses. In this article, we will explore five small business grants in Michigan that you need to know about.
1. Michigan Small Business Relief Program
The Michigan Small Business Relief Program offers grants of up to $20,000 to eligible small businesses that have been negatively impacted by COVID-19. To be eligible, businesses must have less than 50 employees, demonstrate income loss due to COVID-19, and be in an industry directly impacted by the pandemic. This grant can be used for payroll, rent, mortgage payments, utilities, and other eligible expenses.
2. Michigan Economic Development Corporation Grants
The Michigan Economic Development Corporation offers several grant programs to small businesses in Michigan. The Michigan Business Development Program provides funding for businesses that are expanding, relocating, or starting in Michigan. Additionally, the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs help small businesses develop and commercialize innovative technologies.
3. Detroit Economic Growth Corporation Grants
The Detroit Economic Growth Corporation offers grants to small businesses in Detroit. The Motor City Match program provides funding to new and existing businesses looking to open or expand in the city. Additionally, the Detroit Development Fund offers loans and technical assistance to small businesses located in Detroit.
4. Michigan Women Forward Grants
Michigan Women Forward offers several grant programs to support women-owned businesses in Michigan. The Entrepreneur You program provides grants, training, and resources to female entrepreneurs looking to start or grow their businesses. Additionally, the GROW program offers micro-loans to women-owned businesses that have been in operation for at least one year.
5. Great Lakes Women’s Business Council Grants
The Great Lakes Women’s Business Council offers grant programs to support women-owned businesses in Michigan. The Michigan Women’s Marketplace Micro-Loan Program provides low-interest loans of up to $50,000 to women-owned businesses. Additionally, the organization offers a Business Accelerator Fund that provides grant funding for women-owned businesses participating in their business accelerator program.
In conclusion, small business grants can be a lifeline for entrepreneurs looking to launch or grow their businesses in Michigan. By taking advantage of these opportunities, small businesses can receive the funding they need to succeed, especially during these challenging times affected by the pandemic. Remember, it is essential to research each grant program’s eligibility requirements to determine which grant is the best fit for your business.
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