The state of Michigan has agreed on a huge budget for small business loans and venture capitals. But possible entrepreneurs might not be clear about this. Luckily, the Youtube video “State Of Michigan To Provide $237 Million For Business Loans” explains exactly what’s going on and how you might be able to apply for it. Let’s find out more!
The American Recovery Plan
The $237 million is part of a $10 billion project that will allow states across the nation to support small businesses and investments, which should incentivize the economy and create more working opportunities for people. Michigan State is getting a significant portion of that project.
Where Will the Money Go?
Part of the budget will go towards previous projects that the state had already been funding, such as small manufacturing companies. The idea is to support Michigan SBA that were particularly affected by the pandemic, but even before that, it was getting increasingly harder for small businesses to receive loans as there was no capital. This could be a game-changer for the economy in the coming years.
You can watch the rest of the video for more details on this issue, and soon enough, you’ll be ready to get your own loan to start a business.