SBAM Foundation Receives Funds to Support Entrepreneurs
November 9, 2023
Governor Gretchen Whitmer and the Michigan Economic Development Corporation (MEDC) announced that 27 organizations have been selected to serve as entrepreneurial hubs across the state of Michigan, providing comprehensive resources and support to the state’s small businesses.
The Small Business Support Hubs (SBSH) program received approval by the Michigan Strategic Fund in June, following the passage of the $75 million Small Business Smart Zones and Business Accelerators initiative by the Michigan legislature in February. The program is funded by a one-time appropriation using American Rescue Plan Act (“ARPA”) dollars to create and operate programs to support small businesses disproportionately impacted by COVID-19.
The SBAM Foundation was one such organization to receive funding from the state, to create entrepreneurial hubs that will serve a range of disadvantaged small businesses including women-owned, minority-owned, veteran-owned and others. Working with SBAM, the SBAM Foundation will use SBAM’s existing network and resources across the state to provide critical support and help to revitalize Michigan’s small business landscape.
The SBAM Foundation is proud to be working with the state to support to small businesses. This investment by the state to support entrepreneurs and small businesses will help strengthen our small business economy.
The SBAM Foundation received $3.4 million of the $73 million awarded.