Detroit City Wire

Michigan’s small businesses, still grappling with the aftermath of the COVID-19 pandemic, are being offered a lifeline through a comprehensive initiative of grants, courses, and other forms of support. The Small Business Association of Michigan (SBAM) Foundation has launched the Small Business Support Hub Grant Program aimed at helping Michigan entrepreneurs start and grow their companies. This initiative targets owners of first- and second-stage businesses, providing them access to a wide range of resources designed to enhance business growth, stability, and efficiency.

The program is robust, offering free programming, courses, events, and more. Entrepreneurs will find a wealth of knowledge and support through this initiative. Marketing strategies, growth management, and development are central to the program, with specialized courses in financial literacy, accounting, human resources, and IT. The inclusion of CEO roundtables and mentorship opportunities ensures that business owners receive the guidance they need from experienced leaders. Capital development, compliance assistance, and various certification and licensure opportunities round out the comprehensive support package.

A significant financial component of the program includes more than $426,000 in grant funds with individual businesses eligible to receive up to $5,000. The funding for this program is provided in partnership with the Michigan Economic Development Corp. (MEDC). Qualifying business owners must utilize the provided resources within six months prior to applying for a grant. This ensures that the resources are being used effectively to prepare businesses for sustainable growth. The SBAM Foundation will begin distributing these grants in the fall and continue through February 2026. Businesses not selected in the initial round will have their applications retained for future consideration ensuring multiple opportunities for support.

The design of the program came after careful research into the needs of first- and second-stage business owners. It is open to both SBAM-member businesses and non-members expanding its reach and inclusivity. SBAM Foundation Executive Director David Rhoa emphasized the program’s importance in aiding businesses to recover from the pandemic’s long-term impacts. Rhoa expressed pride in being able to offer this support noting that it provides Michigan’s small businesses with crucial resources needed for sustainable success.

The creation of the Small Business Support Hubs aligns with MEDC’s broader efforts. Last June, the Michigan Strategic Fund approved establishing these hubs to invest in regional operations offering a range of business support services and direct funding to small businesses heavily affected by the pandemic. A significant $75 million from American Rescue Plan Act has been allocated for hubs’ formation. Detroit particularly will benefit from 25 Small Business Support Hubs made possible by a $3.4 million grant from MEDC funded through American Rescue Plan Act.

The concept for Small Business Support Hubs emerged in 2021 as part of series pandemic relief efforts under Governor Gretchen Whitmer’s MI New Economy Plan.The hubs are critical component broader strategy providing localized support tailored specific needs communities businesses.

SBAM Foundation 501(c)(3) nonprofit arm Small Business Association Michigan plays pivotal role initiative.Its mission provide training education entrepreneurship extends disadvantaged individuals economically challenged communities.This ensures benefits Small Business Support Hub Grant Program accessible wide range business owners fostering inclusivity equitable economic development

In conclusion SBAM Foundation’s Small Business Support Hub Grant Program represents significant step forward Michigan’s small businesses still recovering pandemic.By offering comprehensive support grants,courses other resources program aims empower entrepreneurs ensuring they have tools needed growth success.This initiative not only addresses immediate needs but also lays groundwork more resilient thriving small business community Michigan