Thursday, July 26, 2007
Michael Shore, MEDC
$1.5 Million Available to Entrepreneurs and Businesses
Governor Jennifer M. Granholm today announced a program to help grow new businesses in Michigan by assisting communities with the construction, expansion or acquisition of new and existing public and non-profit incubator projects. The program is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
The MEDC has allocated approximately $1.5 million in CDBG funding to the program. Priority will be given to applicants that demonstrate project and financial viability. The maximum grant amount is capped at $500,000 and funding will be considered on a first come, first serve basis.
Incubators help businesses and entrepreneurs develop intellectual property, conduct product development, secure start-up financing and formulate business plans. Assistance may include counseling services, financial/capital acquisition, management guidance, technical support and access to appropriate rental space and flexible leases.
Michigan communities that do not receive CDBG funding directly from the federal government are eligible to apply for the incubator grants. There are 1,655 local governments within the state eligible to apply for these funds. Projects are approved contingent upon compliance with state and federal requirements.
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