The Michigan Small Business Fund, also known as the MSSB, helps small Michigan companies with cash flow difficulties that often result from an economic downturn. The Michigan Small Business Fund offers a variety of financial services to small businesses across the state of Michigan. Services are available to businesses of all sizes. These services include loans, grants, investment and credit support programs, along with business counseling and advice.
The Michigan Small Business Fund was established in 2021 by the state of Michigan to provide support to small businesses in the state of Michigan. It does so through a cash flow plan that helps small companies with the associated costs related to unexpected expenses which tend to result from a sudden drop in state consumer confidence once the recession sets in. The program also helps to reduce the impact on household budgets and credit scores caused by these expenses.
The state of Michigan has a diverse population, rich in history and culture. There are several organizations that provide assistance to businesses, but perhaps the most successful is the Michigan Small Business Fund, which has several grant programs. This fund supports a variety of different kinds of business in Michigan. Among the categories are educational programs, start-up grants, small business financing, and marketing grants for women owned small enterprises. There are also several nonprofit economic development organizations which provide funding to various different kinds of businesses in Michigan.
Michigan’s top officials and legislative leaders have repeatedly emphasized that the goal of the state’s economic recovery plan is to ensure that small businesses hit hard by the recession are given the help they need to get back up and running again. Earlier this month, Michigan’s largest city, Detroit, filed for bankruptcy protection. Detroit’s financial problems were largely the result of decades of mismanagement and misjudgment. This has left the state’s largest city with huge structural problems that will take years to correct.
The state awarded over $55 million in grants to help financially strapped cities in Michigan. Detroit received over $5 million and is expected to be able to pay back at least half of that money through income taxes. Several other cities and counties across the state received grants as well, but their total amounts aren’t known.
According to the press releases that have been released about the grants, the funds were distributed to the cities according to their specific needs. Detroit received the bulk of funds, but several other cities including Farmington Hills, Bloomfield Hills, Lansing, Sturgis, Maple City, Bay City, Clawson, Port Huron, Novi, Newaygo, Sturgis, and New Boston are being added to the list. According to the Associated Press, the new programs are expected to impact more than 150 cities and counties. While most of these recipients are cities with low-income families, some recipients are wealthy suburban areas where residents could obtain lucrative business deals from corporate interests.
As was stated by the governor, the new programs are expected to generate a million jobs and help the state’s recovery. However, critics are concerned about the fairness of the grants given out because no one will be able to say whether or not they will receive them. According to the AP, the criteria for receiving them is being too vague. If an organization qualifies according to a certain “criteria” but is ineligible for that grant, it will simply be awarded money. Opponents are also saying that the criteria are too hard to figure out, adding fuel to speculations that the program may amount to nothing.
Regardless of whether or not the Michigan Small Business Survival Plan actually helps to promote the state’s recovery, those who have received the funds say that it’s definitely a step in the right direction. “This is a critical time for our state and for our small businesses,” said Michigan SBE President Kurt Zack of Bloomfield Hills. “I’m glad that we were able to come together to find a way to help those in need.”