Small businesses are job providers and are the backbone of our economy. We can transform Michigan's economic development by implementing the state's first comprehensive small business strategy that focuses on both microbusinesses and traditional economic development towards creating good and promising jobs that make Michigan's economy more resilient and equitable.
More than 900,000 small businesses employ 1.9 million people. COVID-19 impacted small businesses nationally and here in Michigan. These businesses offer opportunity for wealth generation for women and entrepreneurs of color. Governor Whitmer is setting a bold goal for Michigan's small businesses to have Top 10 growth during the next five years. Gov. Whitmer is tasking state government to develop Michigan's first strategy to support micro-businesses - those mom and pop shops that have less than ten people, along with creative supports for second stage businesses and other types of small businesses in order to create better jobs.
Governor Whitmer is putting Michigan's people and raising families' incomes at the center of economic development in Michigan. Since 2000, Michigan's per capita income has lagged the national income growth and 56% of Michigan's jobs are below the national median. Michigan is now focused on supporting the creation of jobs that have the pay and benefits to support a middle class lifestyle or provides the career pathways to that type of job in the near future. The Governor is directly addressing this issue by setting the bold goal of Michigan becoming the benchmark for economic development nationally to support good and promising job creation that will make Michigan's economy more resilient and equitable.
Goals
↑ Achieve TOP 10 state for growth in venture capital funding over the next five years. (FY22-FY26)
Short-Term Objectives
↑ Achieve Top 10 state for small business revenue and job growth.
Short-Term Objectives
MEDC’s small business support programs include International Trade, Pure Michigan Business Connect (PMBC), Entrepreneurship & Innovation focused on high-tech startups, and community development small business programs focused on place-based Main Street businesses, as well as support for small businesses through traditional business development incentives and capital access programs. MEDC also supports small business service providers like the Small Business Development Center (SBDC) and Michigan Manufacturing Technology Center (MMTC).
Since January 2021, the MEDC and its partners have supported small businesses over 30,000 times. This includes more than 175 announced Business Development and Capital Access projects projected to create over 5,000 jobs and $1B in private investment.
23MEDC launched 23 economic relief programs deploying nearly $240 million in small business relief across all 83 Michigan counties. |
25,000Businesses received critical support to keep their doors open and ensure their employees continued to receive a paycheck. |
200,000More than 200,000 jobs in the state were retained through these efforts. |
41%In total, 41% of COVID-19 small business relief went to geographically disadvantaged areas in the state and 63% went to diverse-owned businesses. |
"Ultimately, permanent changes must be implemented in order for the childcare industry to be a viable career path for early childhood professionals and small business owners."
Danielle D. North, Owner-Operator of Kidz Kingdom
"Higher Grounds is proud to stand with Governor Whitmer and our small business community as we continue to build a local economy based in restoration and resilience."
Chris Treter, co-founder of Higher Grounds Coffee
"The small businesses that make up the heart and soul of our communities thrive on the support of individuals, other small businesses, and the administrations involved in making events like this happen."
Jon Moore, co-founder of Foster Coffee
"Small businesses, specifically micro-small businesses owned by women and POC, are the fabric of communities."
Ali Rose van Overbeke, founder of Genusee
Today, the auto industry and the transportation sector at large are undergoing a period of unprecedented change. Michigan's position as a global leader in mobility and vehicle electrification will be impacted by the level of collaboration within state government. Specifically, between the state departments in charge of industry, workforce, climate solutions, the grid, infrastructure, and passenger transport. That is why Governor Whitmer created the Michigan Office of Future Mobility and Electrification (OFME) to serve as a dedicated resource to create and support these collaborations.
In its first year, OFME has built dynamic public-private partnerships that support industry growth, as well as safer, more equitable and environmentally-sound transportation for all Michigan residents. OFME, through its operation of the Governor-appointed Council of Future Mobility and Electrification, has also designed responsive policy recommendations designed to ensure Michigan continues to lead the world in autonomous and electric vehicle regulatory environments. First-year wins include launching the Detroit-Ann Arbor self-driving vehicle corridor, launching the nation's first smart parking lab, and creating new grant programs to help cities alleviate local mobility and electrification barriers.
Governor Whitmer has proposed the Michigan Mainstreet Initiative which has three programs to provide capital and services support to locally-owned small businesses, the lifeblood of Michigan's communities.
Michigan has three proposals that will support better job creation - one that supports Michigan's transition into the electric vehicle industry, one that invests in shoring up its startup ecosystem and one that builds capacity to attract talent and scales up successful programming to retain STEM talent.
