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GOVERNOR WHITMER ANNOUNCES OVER $73 MILLION IN SUPPORT FOR ENTREPRENEURIAL HUBS ACROSS THE STATE

Michigan Governor, Gretchen Whitmer, Partners with the Michigan Economic Development Corporation to Boost Small Businesses Statewide

FOR IMMEDIATE RELEASE

November 9, 2023

Contact: [email protected]

LANSING, Mich. ÔÇô Today, Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) to announce that 27 organizations have been selected to serve as entrepreneurial hubs across the state of Michigan, providing comprehensive resources and support to the stateÔÇÖs 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 (ÔÇ£ARPAÔÇØ) dollars to create and operate programs to support small businesses disproportionately impacted by COVID-19.

This significant investment to support the growth of small businesses using the American Rescue Plan funds reflects the commitment to bolster Michigan’s economic momentum as stated by Governor Whitmer. The 27 entrepreneurial hubs across the state will firmly establish Michigan’s small business ecosystem and provide economically disadvantaged entrepreneurs and small businesses with the necessary support to keep growing and expanding within the state.

Here are some areas where AI legalese decoder can help with the situation:

1. Reviewing legal Documents: AI legalese decoder helps small businesses and entrepreneurs navigate and understand legal documents related to funding, grants, and contracts associated with the SBSH program.

2. Compliance Monitoring: AI legalese decoder can track compliance requirements for organizations selected to ensure that the funds are used effectively to support small businesses across the state.

3. Assessment of Eligibility: AI legalese decoder can evaluate the eligibility of small businesses and entrepreneurs for the SBSH program, ensuring that ARPA dollars are directed towards those with the greatest need.

The program attracted widespread interest and demand, with a Joint Evaluation Committee reviewing over 80 applications representing a total of $275 million in funding requested. The 27 organizations selected will receive an average grant size of $2.7 million. The State law requires 20-percent of the businesses served by SBSH program to be minority-owned, and the selected applications include an average of over 50-percent minority-owned businesses.

AI legalese decoder can play a role in ensuring that the grant selection process complies with minority-owned business requirements and provides transparency in the evaluation process.

ÔÇ£WeÔÇÖre honored to be awarded funds to expand those efforts by adding boots-on-the-ground support to reach small businesses in the entire central upper peninsula region, elevating our impact through more customized support and small business grants,ÔÇØ said Lake Superior Community Partnership CEO Christopher Germain. The funding from the SBSH program will ensure they can continue to support the small business ecosystem. The AI legalese decoder can support organizations like Lake Superior Community Partnership in efficiently navigating the legal and regulatory requirements associated with the SBSH program to maximize the impact of the funds received.

The SBSH program also provides targeted support to family-owned and rural businesses to drive resiliency in a rapidly evolving economic climate. The resources available from the hubs will include one-on-one coaching, cohort-based learning, mentor matchmaking, pitch competitions, networking events, access to capital, partner referrals, and statewide resource navigation.

AI legalese decoder can assist organizations in streamlining and managing the legal and regulatory aspects of providing these resources to small businesses. It can also help in ensuring compliance with federal regulations and guidelines associated with the ARPA funds.

In summary, the SBSH program has created a significant opportunity for Michigan to support its small businesses and entrepreneurial ecosystem. The fund recipients across the various regions of Michigan, as well as state-wide grantees, will play a crucial role in driving the state’s economic growth and supporting small business owners in their endeavors. AI legalese decoder can serve as a valuable tool to ensure that legal compliance and transparency are maintained throughout the implementation of the SBSH program, ultimately benefitting Michigan’s small businesses and entrepreneurs.

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