LANSING, Mich. (WZMQ) – The Michigan Economic Development Corporation (MEDC) has announced $73 million to help create more resources for small businesses. Three U.P. organizations have been selected to receive $8.2 million of that funding from the MEDC to create entrepreneurial hubs.
Michigan Tech Enterprise Corporation and the Lake Superior Community Partnership will both be receiving $3,426,316, and the Chippewa County Economic Development Corporation is set to receive $1,426,315.
The funding is provided through the American Rescue Plan Act Fund, which was created using money received through federal programs during the COVID-19 pandemic to assist small businesses in Michigan.
The Vice-President of small business services with the MEDC, Amy Rencher said this funding is a once-in-a-lifetime opportunity for the corporation that will allow the state’s entrepreneurial ecosystem to be strengthened by providing funding to create comprehensive resources and support for the state’s small businesses.
“There are a broad array of sort of permissible activities allowable and that’s with great intention, to really allow hubs to cater this to the regional needs and that they established and see on the ground. it’s about raising awareness of resources both within this statewide network but also on the federal level.” Rencher said. “This is a critical investment in the states, entrepreneurial ecosystem infrastructure, and directly into the hands of small business owners.”
Rencher says these entrepreneurial hubs are allowing the MEDC to work with entities they don’t normally get to partner with to strengthen small businesses in the state.
“We asked the hubs for very region-specific programs and services, so this required both a lead applicant like the Lake Superior Community Partnership and a set of strategic partners just to really carry that work out in a broader geography.” Rencher said. “We feel and helping bolster this innovation and entrepreneurship economy, we’re helping best prepare folks within our own auspices to start up businesses and to grow with these tools and resources as part of this hub network.”
Rencher says there’s a wide range of skill-building, educational, or networking activities and events that the funding can be used for, and the MEDC wants these hubs work around the specific needs within the region to create the most helpful resources for small business owners around the UP.
The funding will become available to the chosen organizations in January 2024, and the organizations will have a year to decide how to designate the funds.
