State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program
Program Overview
The Michigan Strategic Fund (MSF) is seeking applications from qualified technical assistance (TA) providers that can deliver one-on-one assistance to eligible Michigan entrepreneurs and small businesses who are applying for, preparing to apply for or have applied for capital funding from an SSBCI-supported program or other eligible federal program.
The SSBCI TA Grant Program prioritizes services from technical assistance providers that will meet program goals and serve businesses owned by socially and economically disadvantaged individuals (SEDI) and very small businesses (VSB), including services that can:
- Increase awareness and readiness for entrepreneurs and small businesses applying for capital
- Result in the successful acquisition of capital, and/or support throughout the length of their loan
- Increase financial and business management skills
- Support overall geographic coverage of businesses across the state
Eligible Applicants
The SSBCI Technical Assistance Grant Program will allow the MSF to contract with eligible TA providers, such as local and statewide entities, non-profit economic development organizations (EDO), small business support organizations (BSO), community development financial institutions (CDFI), cultural and ethnic Chambers of Commerce, and for-profit professional service firms, to financially support their efforts in providing quality legal, accounting and financial advisory services to SEDI-owned businesses or VSBs.
Collaborative application submissions are encouraged from eligible entities, including business support organizations, economic development organizations, for-profit or non-profit professional entities, community development financial institutions, and others. Applications submitted by SEDI-owned or operated entities will receive additional consideration. In a consortium application, there must be a lead applicant that will enter into a grant agreement with the MSF and assume primary operational and financial responsibility for completing the scope of work should an award be made.
Please review the SSBCI TA Grant Program Application Guide for additional details on eligible applicants.
Interested applicants must download, fill out, and attach the Budget Summary document when submitting their application. To access the application, click the button below
Grant Award Amounts
Eligible TA providers may apply for a minimum of $135,000 and a maximum of $2,500,000 in funding for technical assistance support programs targeted towards SEDI-owned businesses and VSBs. The funds awarded must be disbursed within three years of an executed grant agreement. Final funding awards will be based on the TA providers detailed budget provided in the application and factors such as the anticipated number of businesses served, geographic coverage area, scope of service, proposed length of engagement with a business, etc.
Informational Webinar
An Informational webinar was held on May 17, 2023 for entities interested in applying. The webinar below provides an overview of the SSBCI Technical Assistance Grant Program, the application process, eligibility requirements, and other program details. The webinar is geared to supporting potential applicants, including local and state-wide, non-profit Economic Development Organizations (EDO), small business support organizations (BSO), Community Development Financial Institutions (CDFI), cultural and ethnic Chambers of Commerce, and for-profit professional service firms.
Small business owners eager to access resources available through this program are encouraged to sign up for the Michigan Business Report in order to receive details on how to access services once TA program contractors have been selected and support programs have launched. If you need immediate small business assistance, please contact MEDC Service Center at 1-888-522-0103 or visit www.michiganbusiness.org/small-business.
Anticipated Program Timeline
- Pre-application Webinar: May 17, 2023
- Application Window Opens: May 22, 2023
- Application Window Closes: June 23, 2023
- Application Review (anticipated): Late June through early July
- Application Status Notifications Sent (anticipated): Late July
- Announcement of TA Providers (anticipated): Late August*
- Background Reviews, Grant Agreement Execution, & Disbursement of Funds (anticipated): September – November 2023*
*MEDC has received many high-quality applications that we believe will bring best-in-class technical assistance services to Michigan small businesses. We initially anticipated communicating with applicants during the week of July 17th, however, due to the volume of applications to process, we anticipate this communication will now be sent at the end of August.
More Information
The MSF will implement the SSBCI Technical Assistance Program through contracted service providers to create a coordinated, networked infrastructure of quality TA providers that deliver pre-loan and post-loan close assistance in all areas of the state.
When determining which eligible TA providers will receive funding, proposed programs and services that directly support entrepreneurs in accessing capital through Michigan’s SSBCI 2.0 capital programs and other non-COVID-related federal and state-backed loan and grant products will be prioritized.
The program aims to address barriers at the start and throughout the length of the loan – such as capital readiness, obtaining proper financial documentation, and building business acumen. Through this program, SEDI-owned businesses and VSB will have an increased likelihood of success in obtaining capital through participating lenders. Participating lenders are anticipated to include traditional financial institutions, CDFIs and minority deposit institutions (MDI).
TA providers applying for funding through Michigan’s SSBCI TA program are building a pipeline of eligible businesses for Michigan’s SSBCI capital programs – specifically the Loan Guarantee program, which will be deployed through CDFI and MDIs and primarily focused on first-time borrowers and microlending programs.
Contact Us
Need additional assistance? Please direct any questions to SSBCITAgrant@michigan.org.