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Support for Small Businesses in Escanaba, Michigan

Grant Opportunities for Growth

ESCANABA, Mich. (WZMQ) – A remarkable initiative led by a U.P. organization is now offering small businesses valuable grants to foster their growth and enable them to flourish in the competitive marketplace. With funding from the Central Upper Peninsula Small Business Support Hub, these grants represent a lifeline for many local enterprises striving for success.

A Local Business Owner’s Perspective

Tyler Myrick, the enthusiastic Owner and Manager of Young’s Menswear, expressed his excitement when he learned about receiving the grant. “I was super excited when we got the grant,” he said. “It was just a super helpful opportunity.” His sentiment resonates with many business owners who find that such support can make a significant difference during challenging times.

The Impact of the Central Upper Peninsula Small Business Support Hub

Young’s Menswear was honored to be among the 26 businesses that benefited from the inaugural round of grant funding available through the Hub. This initiative is entirely free, offering a plethora of resources to small businesses in the region, as noted by Hub Resource Navigator Ilana Minor. The Hub not only provides consulting services aimed at building effective business plans and securing funding from banks but also assists with marketing strategies. A significant aspect of their program is the grant support, which has emerged as a crucial resource, especially as businesses recover from the challenges presented by the COVID-19 pandemic.

“We are here to support the businesses that were operational during COVID, along with aiding those that are launching to fill the void left by closures during that time,” said Minor. The grants can be utilized for a variety of needs, including inventory purchases, software and hardware upgrades, and even initial certification and licensing fees.

A Brief History of Young’s Menswear

Young’s Menswear has its roots tracing back to the 1990s when it originally opened as “Young’s Formal Wear.” In the previous summer, Myrick took over the business and shifted its focus to better accommodate his vision for retail. “Ron and Jena Young started this business doing rentals for weddings and proms, then they began selling men’s clothing in the years that followed,” he explained. The name change reflects their new inclusive approach. “We do retail now and offer suits, dress shirts, and ties—we’re the only place in Escanaba where you can purchase a tie. We’ve been growing the business and taking it to the next level.”

Grant Funding and Digital Transformation

The Hub has awarded over $100,000 to the recipients of the first round of grants, with Young’s Menswear receiving $5,000 specifically aimed at digitizing its operations. Myrick shared, “We were still all pen and paper, so we were able to get some computers, barcode scanners, and iPads to manage our inventory and track our rentals as well as our retail stock.” This technological upgrade has created a more efficient workflow that allows for better customer management and streamlined processes.

Qualification Criteria for Grants

To qualify for this valuable grant funding, businesses must meet certain criteria, such as being independently owned and operated with fewer than 500 employees. Additionally, active engagement with the Hub is necessary, which means that businesses should be in regular communication and collaboration with Hub representatives. Minor emphasized, “We send them the application directly, meaning it’s not just something you can find online easily. We discuss their business needs, vision, and how their desired purchases will enhance their operations.”

Future Funding Opportunities

As the initiative progresses, another round of funding will allow businesses to apply for grants of up to $10,000. Applications are currently open and will remain so until February 14. It is crucial for business owners looking to benefit from the Central Upper Peninsula Small Business Support Hub to act quickly.

Myrick stressed the importance of taking advantage of such opportunities, “The benefits are out there, and people just don’t know about them. Reaching out to local resources that are eager to help small businesses like mine compete with larger corporations is vital. This support can spark significant growth and transition in your business.”

Networking and Resource Access for Businesses

Moreover, Minor pointed out that the Hub serves as an excellent platform for honing skills related to grant applications and expanding access to a network of valuable business resources across the Upper Peninsula. “We help ensure that businesses are not overpaying for essential services and that they receive the maximum benefits throughout their development journey,” she noted.

Other Beneficiaries of Grant Funding

In addition to Young’s Menswear, several other businesses reaped the benefits of grant funding during the first round, including LeverEdge Chiropractic of Escanaba, Rock Electric Service of Gladstone, Little Agate and Caught Dreamin’ Therapy of Marquette, and Yooper Fitness of Manistique.

Connecting with the Support Hub

To connect with the Central Upper Peninsula Small Business Support Hub, business owners can fill out a client intake form available on their website. For further information on grant opportunities and eligibility criteria, click here.

A Local Business Resource

Young’s Menswear is located at 1119 Ludington Street. For more details on the range of products and services available, visit Young’s Menswear’s official website or Facebook page, or call (906) 786-2526.

Utilizing AI legalese decoder for Business Needs

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