$175M in federal funding going to small businesses in Michigan
WASHINGTON, DC - The U.S. Department of the Treasury will be providing $175,863,073 to the state of Michigan as part the State Small Business Credit Initiative (SSBCI).
The program is part of the American Rescue Plan Act that was signed into law last month.
“As we work to emerge from this unprecedented public health and economic crisis, it has never been more important to ensure that Michigan small businesses have the resources needed to stay afloat,” said Senator Peters. “This funding will directly help our small business community create jobs, adapt operations and lead economic recovery efforts across the state. The State Small Business Credit Initiative is a proven success, and I’m thrilled that the program I helped champion has been fully reauthorized as part of the American Rescue Plan.”
“The COVID-19 crisis has taken an incredible toll on small businesses in our state and made us appreciate even more their importance to our communities and our economy,” said Senator Stabenow. “Given the stress of this pandemic on so many small businesses, access to capital is more important than ever. This funding will help our small businesses stay open, create jobs and help our economy recover.”
“SSBCI funding helps to drive the growth of Michigan businesses of all sizes and across industries, in turn creating economic opportunities for Michigan workers and strengthening our path toward economic recovery,” said Josh Hundt, Chief Business Development Officer and Executive Vice President, Michigan Economic Development Corporation. “Michigan has a well-established track record in leveraging innovative programs and funds like SSBCI. The $175 million SSBCI funding Michigan has been allocated will help drive further economic growth across the state. We appreciate and applaud Senator Peters and Senator Stabenow for their leadership and ongoing support for this program.”
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