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Access to Capital
MEDC Capital Access is made up of several programs that can help small business throughout Michigan receive loans from banks and lending institutions to help their businesses grow and succeed. MEDC works directly with lenders who in turn can provide traditional financing to small businesses. Programs within Capital Access include, the Loan Participation Program, Collateral Support Program and the Capital Access Program.
Small Business Lending with Capital Access
As of 2020, MEDC has deployed more than $180 million dollars to lending institutions across the state, who have in turn been able assist more than 250 small businesses. This has leveraged nearly $100 million in private investment in Michigan. Small business owners in need of financing or loan support, are encouraged to find a participating lending institution based on the program of interest and should feel empowered to talk with their lending institution to have them contact MEDC if they are not already part of Capital Access.
Pure Michigan Business Connect (PMBC) is a multi-billion dollar public/private initiative developed by MEDC in 2011 that connects Michigan goods and service suppliers with all levels of corporate purchasers at no cost to them. PMBC also supports international companies looking for joint ventures or R&D partnerships with qualified Michigan partners.
PMBC has worked with executive, purchasing, engineering and R&D teams in industries such as automotive, aerospace and defense, agribusiness, finance, healthcare, information technology, advertising and many others to uncover new opportunities for Michigan-based suppliers. PMBC has a vast and diverse supplier network that can meet and fulfill critical supply chain or market entry gaps. Additionally, the PMBC research team has a range of expertise to cater to any niche business need or large project, making us the right choice when you’re looking to make new strategic connections in Michigan or globally.
MI-STEP Grant Funding
One of these many resources available through MEDC's International Trade team is the Michigan’s State Trade Expansion Program (MI-STEP), which provides up to $15,000 annually to businesses for eligible exporting activities, helping companies access new global markets and buyers. With international trade offices covering more than 90 markets, MEDC's International Trade team is committed to creating opportunities for businesses across Michigan to export their products around the world.
Michigan Mobility Funding Platform
The Office of Future Mobility and Electrification (OFME) and the Michigan Department of Transportation (MDOT) launched the Michigan Mobility Funding Platform to provide grants to mobility and electrification companies looking to deploy their technology solutions in the state of Michigan. Over time, the platform will evolve to enable Michigan-based organizations (public and private) to launch their own mobility and electrification funding initiatives.
Early Stage Funding Programs
Early-stage funding is critical to the success of startup companies and entrepreneurs. MEDC partners with SBDC, SmartZones, Invest Michigan and Invest Detroit, among others, to provide several funding opportunities for early-stage high-tech entrepreneurs and startups. Access early-stage funding opportunities here.
Michigan Translational Research And Commercialization (MTRAC) Program
Created in 2012 to accelerate the transfer of new technologies from Michigan’s institutions of higher learning into the commercial market by way of licenses or startups, Michigan institutions of higher education, nonprofit research centers or hospital systems can apply for grant funding through one of the five MTRAC innovation hubs across the state. Each hub specializes in key technology areas including life sciences, Ag Bio, advanced transportation, advanced materials and advanced computing. Learn more about MTRAC here.
Match on Main
Match on Main is a reimbursement grant program, provided by MEDC that serves as a tool to support new or expanding place-based businesses by providing up to $25,000 in funding to support an eligible small business through an application submitted, administered, and managed by the local unit of government, downtown development authority, or other downtown management or community development organization where the business is located.
The focus of Match on Main is to support place-based businesses as they seek to launch and grow on main street. Small businesses are the cornerstone of what makes Michigan’s downtowns unique and authentic. This program aligns with the MEDC’s strategic focus areas, including the continued effort toward developing attractive places.
Optimize Main Street
Optimize Main Street helps small businesses located in eligible communities across the state use technology to create efficiency in business operations, improve connectivity to customers and increase sales. Learn more about Optimize Main Street.
Initiate Training Series
Small businesses across the state now have access to new tools and resources to help them launch and grow in Michigan, including an online small business learning platform called Initiate. Available in English and Spanish, the program is a self-paced, multi-faceted online learning platform to support early stage small businesses improve finances, access marketing support, and operational skills. Learn more about Initiate.
Michigan Small Business Development Center (Michigan SBDC)
Whether an entrepreneur is in the idea stage or has an existing business, MEDC partners with the Michigan SBDC to deliver helpful resources to understand the range of loans, grants and financing options available in the state. The center can assist with preparing loan packages, analyzing financials, annual budgeting and more. Visit MichiganSBDC.org to learn more.
Discover More with our Small Business Resource Finder
MEDC has complied a variety of resources from partners around the state for small and micro businesses. Search the resource finder and discover additional support availalbe to help find business funding and more.Find Resources