• New RFI Offers Chance to Provide Recommendations for State Small Business Credit Initiative


    The Michigan Economic Development Corporation (MEDC) is requesting information from the public - including financial institutions, Community Development Financial Institutions (CDFI), Minority Deposit Institutions (MDI), economic development organizations, neighborhood and community development organizations, technical assistance providers, small business support organizations, Venture Capital Funds, Angel Funds, and other entities that serve a small business customer - to provide recommendations for opportunities to scale or improve existing resources or to create new programs to leverage federal State Small Business Credit Initiative (SSBCI) funding.

    The federal SSBCI will provide funds to the State of Michigan to support programs for small businesses. Michigan will receive an allocation of $176 million based on a federal formula and will also be competing for an additional allocation based on a competitive application.

    As the state develops its application and designs small business capital and technical assistance programs through an inclusive and equitable lens, the MEDC invites the public to provide information and feedback to support new and existing small businesses through a Request for Information (RFI).

    Recently, Governor Gretchen Whitmer laid out her proposal for a $2.1 Billion investment to grow the middle class, support small businesses and invest in our communities, including a call for investments in both our high-tech entrepreneurial ecosystem, and critical support for our entrepreneurial and place based Main Street businesses. Developing a plan around how best to leverage SSBCI funding will be a key component for ensuring small businesses across the state are able to access the capital they need to thrive.

    RFI responses are due via email only by Sept. 27, 2021 at 3 p.m. to contractsandgrants@michigan.org

    View more details about the RFI here.

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Asian Pacific American Chamber of Commerce (APACC)

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