TLDR:
- Lt. Governor Garlin Gilchrist II and the Michigan Economic Development Corporation (MEDC) approved up to $22 million in State Small Business Credit Initiative (SSBCI) 2.0 Michigan Small Business Venture Capital Program (SBVCP) funds to support two venture capital investment funds.
- The funds aim to support socially economically disadvantaged individuals, very small businesses, and early-stage companies in the healthcare sector in Michigan.
Underserved entrepreneurs in Michigan received a significant financial boost through the approval of up to $22 million in State Small Business Credit Initiative (SSBCI) 2.0 Michigan Small Business Venture Capital Program (SBVCP) funds by Lt. Governor Garlin Gilchrist II and the Michigan Economic Development Corporation (MEDC). These funds will support two venture capital investment funds, Union Heritage’s Future Heritage Fund and Venture Investors Healthcare Fund, with a focus on Socially Economically Disadvantaged Individuals (SEDI), very small businesses (VSBs), and early-stage companies in the healthcare sector.
The SBVCP funds demonstrate Michigan’s dedication to diverse entrepreneurs who have historically been overlooked for funding opportunities. The $22 million investment could result in over $44 million being invested in early-stage Michigan businesses, with an emphasis on long-term growth and innovation in the state. Additionally, the program aims to increase capital availability for technology-based businesses and stimulate private capital for historically underserved communities and entrepreneurs.
Since receiving its first round of SSBCI 2.0 funding in May 2022, Michigan has deployed $45 million in SSBCI debt-based capital to support small businesses. The approval of these funds further highlights Michigan’s commitment to fostering entrepreneurship and providing opportunities for underrepresented groups in the business sector.
