EDA getting $2.5M from state to boost small business in region

A $2.5 million boost in state-administered funding is going to the Economic Development Alliance of St. Clair County for efforts aiding entrepreneurs and small businesses across the Thumb.

On Thursday, the Michigan Economic Development Corporation announced 27 organizations were picked to act as entrepreneurial hubs through its Small Business Support Hubs program, which is funded by a one-time appropriation of American Rescue Plan Act dollars.

The EDA is one of two recipients in the sixth of 10 regions, with the Flint and Genesee Chamber Foundation, representing affiliation locations in Huron, Lapeer, Sanilac, Shiawassee, and Tuscola counties.

According to the organization, its local grant would help in:

• Expanding the small business development center’s counseling service across Region 6
• Deploying $426,000 of the $2.5 million as seed funds to EDA’s local Emerge Fund and other possible small business grant initiatives over the next three years
• Working with other service providers in the region to support in legal, accounting, patent filing, marketing, and more, to help startups launch and businesses flourish

“We are excited and grateful to the MEDC for this Small Business Hub grant award that will help us to elevate entrepreneurship throughout the eastern Michigan region,” EDA CEO Dan Casey said in a statement. “There is much to do to get programming, service providers, and grant resources ready to deploy quickly. We’re excited about the economic impact this will have on the region. Ultimately, the Hub will help people realize their dream of being self-employed and it will create the next generation of businesses for our communities.”

In a news release, the EDA said a cohort of small business entrepreneurs and companies would be accepted into the Hub program — roughly 60 annually in three years — and would be eligible for up to $7,500 of grant-funded services.

The MEDC’s Hub grant program received over 80 applications, requesting $275 million, earlier this year, according to the state.

It follows the passage of $75 million for a small business smart zones and business accelerators initiative by state lawmakers last February.  

Contact Jackie Smith at (810) 989-6270 or jssmith@gannett.com.