The Michigan Economic Development Corporation will allocate $1.5 million of its $40 million in federal Community Development Block Grant monies to the construction, expansion or acquisition of business incubators, both public and non-profit. In a statement announcing the creation of the fund, MEDC president and CEO James Epolito said, "Incubators play a vital role in the success of new businesses and I’m
pleased this new program is available to help those who help businesses
grow in our state."
Incubators are expected to help small businesses and entrepreneurs develop intellectual property and a business plan, provide management guidance and technical support and secure financing and capital.
The maximum grant size is $500,000 and applications will be processed first-come, first-serve. As would be expected, applications will be evaluated with viability in mind. There are 1,655 local government in Michigan eligible to apply for CDBG funds, of which Epolito said, "CDBG funds are a great resource for communities to make the kinds of infrastructure improvements necessary to attract new investment and jobs."
Source: MEDC
Writer: Kelli B. Kavanaugh
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