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The State Small Business Credit Initiative

The MEDC is requesting information from the public – including financial institutions, Community Development Financial Institutions (CDFI), Minority Deposit Institutions (MDI), economic development organizations, neighborhood and community development organizations, technical assistance providers, small business support organizations, Venture Capital Funds, Angel Funds, and other entities that serve a small business customer – will be asked to provide recommendations for opportunities to scale or improve existing resources or to create new programs.

Background

The State Small Business Credit Initiative (SSBCI) will provide funds to the State of Michigan to support programs for small businesses. Michigan has received an allocation based on a federal formula and will also be competing for an additional allocation based on a competitive application. As the state develops its application and designs small business capital and technical assistance programs through an inclusive and equitable lens, the State invites the public to provide information and feedback in order to support new and existing small businesses.

Timeline

  • September 9, 2021: RFI Release
  • September 27, 2021 at 3:00 p.m.: Responses are due via email only to contractsandgrants@michigan.org. Proposals will not be accepted via U.S. Mail or any other delivery method.

RFI Details

Click here to view the full details of the RFP.