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Getting a small business grant can be a bit tricky; however, the growth of an economy depends on the success of the business and financial growth.
The state of Michigan has a lot of financial support systems for small businesses. More than $21, 120.00 million dollars in grants and $16, 580.00 million dollars as local government funding is the majority of the Federal budget.
There are so many grants available for small businesses in 2023, but unfortunately, these opportunities are pretty tricky to access, and the application processes can be a bit tedious.
This article will provide you with a list of the grants available in Michigan and a detailed breakdown of the requirements and how to apply in 2023.
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Small business grants for Women in Michigan
Being a woman in the business world has perks and limitations. To reduce the limitations, different organizations have come up with varying support systems for women with small businesses in Michigan, including training, funding, and business conferences.
However, the grant aspect is what we will focus on.
We’ll be helping you find actual grants and other types of funding for small business owners in Michigan.
Amber Grant for Women
The Amber Grant was founded in 1998. It began with intentions of honoring the memory of Amber Wigdahl. This grant gives away about $30,000 every year to women in business.
However, it is awarded in several categories, including Business Category Grants, marketing grants, and Year End Grants. The WomenNet Organization funds this grant. Here are the Several Grant Categories under the Amber Grant:
- Annual Amber Grant – $25,000
- Monthly Amber Grant – $10,000
- Marketing Grant
- The Non-Profit Grant – $10,000
- Business Category Grant – $10,000
- Mini Grants – up $2,000
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How to Apply
The exciting thing about applying for the Amber women Grant is that the application process is relatively easy and straightforward.
All you have to do is take out time and fill out the application form while giving brief information about yourself, your business dreams, and how the grant is going to influence your dreams positively.
Michigan Small Business Survival Grant Program
The Michigan Small Business Survival Grant program began with the sole intention of helping businesses that experienced serious financial downtime during the Covid-19 period.
This program so far has allocated about $52.5 million to over 6,000 small businesses in the past years.
The peculiar thing about this grant is that EDOs disburse it. These EDOs award different loan amounts to different categories. They are in charge of the acceptance, review, approval, and disbursement of this Grant to eligible small businesses.
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Requirement
To be eligible for this grant, some criteria ought to be met: the general and specific requirements unique to different EDOs. So ensure that you meet both criteria before applying.
Here are the general requirements for applying for the Michigan Small Business Survival Grant.
You must be a Non-Profit or Profit company.
You must show proof of income loss as a result of the order as the EDO in which an eligible business is located.
It must be part of the affected industries by the Covid-19 emergency
You must have up to 1 to 100 employees on a worldwide basis on November 17, 2020
it must not be an entertainment venue that is eligible for funds under section 401 of public act 257 of 2020: Michigan Stages Survival Grant Program.
It requires working cash to cover expenses like rent, utilities, mortgage payments, and other related costs.
Eligible Industry
- Non-profit
- Personal care services
- Childcare and camps
- Transportation
- Exercise
- Retail
- Food services
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Eligible Expenses
- Payroll expenses
- Rent
- Mortgage Payments
- Utility expenses
Small Business grants Michigan | MIOSHA Grant Program
This is an annual grant award basically for the development and implementation of safety and health training and services to supplement CET division Activities. CET is an acronym for Consultation Education and Training (CET).
This grant is for the sole aim of ensuring a safe and healthy workspace for individuals. It is a very competitive grant between management, employee, groups, and organizations resident in Michigan. This grant awards up to $5,000.
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Grant Funding For Latino And Hispanic Small Businesses
It is a Known Fact that Latinos and Hispanics have this flair for starting businesses. It is common knowledge that they account for more than 40% of small businesses, and they are responsible for about 44% growth rate in the past decade.
The covid-19 period did affect Latino and Hispanic entrepreneurs critically, which is why this grant is tailored to help them start by providing them with the appropriate capital for a startup.
Michigan Defense CyberSmart Program
The Michigan Defense Center (MDC/MEDC) has pre-qualified Michigan contractors to provide cybersecurity technical services to help with the implementation of the requirements in NIST SP 800-171 required for meeting DFARS 252.204-7012 requirements and guidance on CMMC compliance for all United States Departments of Defense (DoD) and Homeland Security (DHS) contracts and work in the federal supply chain.
CyberSmart Phase 1: As the first step toward compliance and Cybersecurity Maturity Model Certification, Michigan small and medium-sized organizations can work with the pre-approved vendor list to generate a gap analysis report at a pre-negotiated discounted price of $1,500. (CMMC). Companies can submit to SPRS and other regulations using the gap analysis.
CyberSmart Phase 2: After completing Phase 1 by working with a pre-approved vendor to conduct a gap analysis, up to $22,500 in grant money is available to help organizations fix any issues with their IT infrastructure and meet all DoD cybersecurity standards for all contractors.
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MSF Awardee Relief Initiative
Businesses and community initiatives that have previously received grants, loans, or other kinds of economic support from the Michigan Strategic Fund are eligible for emergency relief under the MSF Awardee Relief Initiative program.
The goal of the MSF Awardee Relief Initiative is to temporarily relieve Michigan Strategic Fund borrowers, grantees, and other incentive recipients of their financial burdens.
Depending on a case-by-case examination of petitions, relief will vary and may include
- Delaying payment
- Extensions of milestones
- Expires on date
- Extensions
- authorizations for refinancing
- Reduce the number of qualifying new jobs and/or award money to downsize project scopes.
- Extensions of the deadlines for completing agreements
Conclusion
The grants listed above are still open for application, with a breakdown of the requirements and how to apply.
Good luck with it!
Frequently Asked Questions On Small Business Grants In Michigan
Q1. Are there Grants for startups?
Yes, there are grants available for both startups and already existing businesses. The Government of Michigan has recently disbursed $2.8moillion dollars for grants.
These grants are mostly available for different sectors. Some of them are properly listed in this post, with a breakdown of how to apply.
Q2. What Grants are available For women in Michigan?
There are several grants available for women in Michigan. These grants are available to help startups and already existing businesses that are experiencing financial downtime. e,g the Amber Grant.
FAQs
Are there Grants for startups?
Yes, there are grants available for both startups and already existing businesses. The Government of Michigan has recently disbursed $2.8moillion dollars for grants.
These grants are mostly available for different sectors. Some of them are properly listed in this post, with a breakdown of how to apply.
What Grants are available For women in Michigan?
There are several grants available for women in Michigan. These grants are available to help startups and already existing businesses that are experiencing financial downtime. e,g the Amber Grant.
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