Michigan has begun rolling out the first round of funding from the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) 2.0. This initial round of funding will make up to $72 million available to support small business lending through the MEDC SSBCI 2.0 Access to Capital programs, including collateral support, loan participation, loan guarantee and access to capital programs.

MEDC Access to capital programs using SSBCI 2.0 funds are currently available for small businesses seeking loans in excess of $250,000. In addition, new credit enhancement opportunities are available to small business lenders with a focus on Socially and Economically Disadvantaged Small Business Owners (SEDIs) and businesses with 10 or fewer employees under the Loan Guarantee Program . This program is designed to support lending to small businesses seeking loans of $250,000 or less. MEDC is currently in the process of identifying lenders to support these businesses. Lenders interested in obtaining support from MEDC for the loan guarantee program should contact the MEDC Capital Access team at businessloans@michigan.org to apply

Banks, credit unions and CDFIs can begin applying for loan enhancement support through any of the current programs. Updated program information sheets and new SSBCI templates with industry requirement updates are available at Capital Access Lenders Page.

LEARN MORE

Michigan Regional Council of Carpenters and Millwrights Completes Training Center in Detroit Thanks to MEDC’s Additional Support Program

The Michigan Regional Council of Carpenters and Millwrights (MRCC) formed Michigan Carpenters and Millwrights United Apprenticeship and Training Fund (JATF) to support statewide apprenticeship programs, training the next generation of skilled trade workers in Michigan. In support, JATF has embarked on an ambitious plan to build three new training centers in Detroit, Wayland and Negaunee at a cost of more than $60 million. Learn how MEDC’s Supplemental Support Program helped MRCC complete its training center in Detroit. The new training center in Detroit officially opened in June 2022 and will train up to 1,500 students per year.

Upcoming small business events

We encourage you to share the following small business events and opportunities with your customers and networks if they are interested.

September 29: Understanding financial managementSchool College, LivoniaBusinesses learn the basics of financial management, including the use of basic financial statements, the preparation of balance sheets and income statements, and more.

October 6: A quick start of a small businessWashtenaw Community College, Ann ArborEntrepreneurs will talk to business advisors, attorneys, lenders, insurance agents and community partners about what it takes to start a business.

October 13: Webinar: Preparing for the Lender Interview – SBA Loan and Financing ProgramsBusinesses will learn what bankers’ loan criteria are, which SBA loan programs may suit their financing needs, and how the Michigan SBDC can help with the business plan behind their loan application.

About the Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and a leading advocate for business development, job awareness and community development with a focus on growing Michigan’s economy. For more information about MEDC and our initiatives, visit MichiganBusiness.org. For Pure Michigan┬« travel information, your trip starts at Michigan.org. Join the conversation at Facebook, Instagram, LinkedIn and Twitter.

###

Source link