HOUGHTON, Mich. (WZMQ) – The Michigan Tech Smartzone has recently received over $4 million in grants to support small business in the U.P.
The first grant, $750,000 from The Department of Commerce’s Economic Development Administration (EDA) will support advanced manufacturing and materials startups. The grant will focus on technology based companies and hopes to incentivise local graduates including those from Michigan Tech to stay in the area after receiving a degree.
The other grant, $3.4 million, from the Small Business Hubs Program, will support all types of business including, restaurants, retail, and entertainment venues. The program supports 27 entrepreneurial hubs around the state. The goal is to provide economically disadvantaged entrepreneurs and small businesses with the support they need to keep growing and expand in Michigan
One goal for both of the grants is to work together to develop the economy of the Keweenaw while attracting and keeping new residents.
“The goal is to diversify the economy and evolve the area into an area that is a go-to area destination for people who have high skills and could live and work anywhere in the world,” said David Rowe, the CEO of the MTEC Smartzone.
The MTEC Smartzone will work alongside the Keweenaw Economic Development Alliance to seek companies to partner with.
