As a small business owner in Michigan, there are many resources and grants made available to you. However, sifting through all your options can be a tedious task. Save some time, and focus on these five grants every small business owner in Michigan should know about.
Michigan Business Development Program
The Michigan Business Development Program is an incentive program available from the Michigan Strategic Fund (MSF) in cooperation with the Michigan Economic Development Corporation (MEDC). It provides grants, loans or other economic assistance to businesses in Michigan that create qualified jobs and/or qualified investments. One of the qualifications include creating a minimum of 50 qualified new jobs for Michigan residents. If the business is located in a rural area with a population of 90,000 or less, or a high technology project, you must create a minimum of 25 qualified new jobs.
Small Company Innovation Program/Technology and Commercialization Assistance (SCIP/TCA)
SCIP/TCA provides matching funds up to $40,000 to Michigan small businesses. They assist in covering the costs of research and development projects conducted at any public university in the state of Michigan. This program’s focus is to help small business owners overcome the challenge of getting research and development needs met, which could enable them to commercialize their business. Research can include faculty expertise, business expertise, use of laboratory equipment, access to qualified technicians, testing services, and more.
Creative Corridor Incentive Fund
The Creative Corridor Incentive Fund is specifically for entrepreneurs in design, media production, architecture, fine arts and other creative industries that would benefit from working within the concentrated district, including the Central Business District, Midtown and New Center.
There are two parts to this funding program:
- Funds are matched for building owners to prepare existing spaces for tenants within the creative industry.
- Rent and parking subsidies are provided for creative businesses coming into the area.
The Green Grocer Project
The Green Grocer Project creates competitive, sustainable grocery offerings in Detroit, while improving fresh food offerings for residents. One of the offerings include the Facade Improvement Program, which is designed to upgrade the exteriors of Detroit’s neighborhood grocery stores. Participants can receive 50 percent matching grants up to a maximum of $50,000.
Brownfield Redevelopment Act
A law was implemented in 1996 to promote the revitalization, redevelopment, and reuse of certain properties that fall under the Brownfield Plan. Properties located in Detroit are eligible if they are formerly or currently used as commercial, industrial, public or residential properties, and are also either contaminated, blighted, or functionally obsolete. Developers who complete projects that are deemed eligible, may be reimbursed through Tax Increment Financing Reimbursements for specific costs to prepare the site for redevelopment.
This article was written by T. Marie Adams for CBS Small Business Pulse.