Starting a small business can be challenging (and quite exhausting too).
Fortunately, there are a range of grants available in the state of Michigan.
You can use these grants to fund business expansion and growth.
But before applying, you must know the available small business grants in Michigan and the eligibility criteria for each.
Let’s uncover them in this blog post.
Small business grants in Michigan
Here are a few grants available for businesses in Michigan.
1. Small Business Grants for Early-Stage Startups
Pre-Seed Fund III
Administered by Michigan Rise, it helps support entrepreneurs and their employees in high-technology startups. To date, Michigan Rise has invested $20.7M in more than 90 startups.
Learn more about Pre-Seed Fund III, here.
Emerging Technologies Fund (ETF)
The ETF is a fund available for technical Michigan small businesses. It helps grant recipients in research, development, and technical innovation with funding of $25,000-$125,000.
Learn more about ETF, here.
Michigan’s State Trade Expansion Program (MI-STEP)
The program offers funding assistance to small businesses in Michigan. It aims to increase exports from Michigan and explore new trade opportunities.
For more details about MI-STEP, click here.
2. Small Business Grants for Women Business Owners
Women entrepreneurs face higher barriers to business success. One of the reasons is the gender gap in funding. Following grants can help women business owners overcome the same.
Minority Business Development Agency (MBDA) Grants
MBDA, a subsidiary of the U.S. Department of Commerce, helps minority-owned businesses. It helps secure grants, contracts, and access to global markets.
Learn more about MBDA grants
Amber Grants
The WomensNet Foundation offers $10,000 to three businesses every month and three $25,000 grants every year. The grants are for businesses run by women entrepreneurs.
Learn more about Amber Grants, here.
3. Other Small Business Grants in Michigan
Match on Main
Match on Main is a reimbursement grant program that supports new or expanding place-based businesses by providing up to $25,000 in funding.
Applicants are local units of neighborhood commercial districts, the Downtown Development Authority (DDA), or other districts located in Michigan Main Street Communities.
The maximum award to any individual applicant is $25,000.
Applicants may submit no more than 2 applications per funding round.
Learn more about Match on Main, here
Industry 4.0 Technology Implementation Grant
Technological manufacturing companies can apply for this grant.
The eligible companies must be classified as small businesses by the Small Business Administration (SBA), an independent agency of the federal government.
Companies working on I4.0 technologies such as artificial intelligence, cloud computing, cybersecurity, big data, and Internet of Things (IoT) are eligible for this grant.
50% of the actual expenses incurred will be reimbursed under this grant, limited to $25,000 per company.
Learn more about the technology implementation grant
Michigan Business Development Program (MBDP)
The MBDP provides grants to businesses that are looking to expand or relocate to the state of Michigan.
The MBDP is a joint program under the collaboration between MEDC and MSF.
The program is designed to provide grants, loans, and funding assistance for Michigan businesses.
The ask? Businesses should create jobs and provide a positive effect on the economy of Michigan. As a result, communities benefit with – more employment, resources, and value creation.
For details on eligibility, guidelines, and processes about MBDP.
Hatch Detroit
Hatch Detroit is a grant program sponsored by Comerica Bank. It helps support aspiring entrepreneurs with $100,000 in funding for setting up their brick-and-mortar stores in Detroit, Hamtramck, or Highland Park.
Apply for the Hatch Detroit program here.
Michigan Workplace Improvement to Safety and Health (MIWISH) Grant Program
This program offers grants to employers for promoting workplace safety. Under this grant, an employer may receive up to $5,000 in matching funds to buy items and training services for workplace safety.
For eligibility details, guidelines, and processes, click here.
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Common mistakes to avoid when applying for grants
While applying for a grant in Michigan, here are a few mistakes you should avoid:
- Submitting an incomplete application
- Ignoring the eligibility criteria
- Presenting a poorly articulated proposal or business plan
- Ignoring the deadline
These mistakes will lead to direct rejection or disqualification from the grant competition.
Other resources to help you find grants in Michigan
In addition to researching online, the Michigan Economic Development Corporation (MEDC) has a guide that lists various grants, loans, and capital access programs for businesses as well as provides helpful advice.
The MEDC also publishes a directory that contains details regarding other organizations that offer critical support services such as loans, consultancy, etc.
With that, Upmetrics can help you prepare a solid business plan to present with your application. All it takes is 10 minutes to generate a business plan with this AI tool.
So finish your business plan, apply for the grants, and wait for your luck to factor in.
