The Inclusive Entrepreneurship Support Grants (IESG) program, a novel initiative from the Michigan Economic Development Corporation (MEDC) and Governor Gretchen Whitmer, has recently pledged $8.8 million worth grants to several small-scale yet diverse enterprises across the state. This milestone endeavor seeks to spur economic progression and help level the playing field for small businesses that have traditionally battled hurdles to success.
Centering on micro-enterprises, financially disadvantaged neighborhoods, and businessmen of color, the IESG program intends to cultivate diversity and foster equal opportunities within Michigan’s business sphere. The grants are expected to be used for broadening operations, enhancing working capital, and executing innovative strategies.
Two West Michigan-based firms, The Mackinac Technology Company and SBE Medical, Inc, due to their exceptional contributions to the technology and healthcare sectors, have secured spots in this program.
Equitable funding boosts Michigan’s diverse businesses
Mackinac Technology, recognized for its innovative tech solutions, received a $1 million grant. The funding is projected to aid in transitioning from lab-scale to manufacturing, potentially skyrocketing the production of their tech products and thus aiding job creation in the state.
SBE Medical, Inc., a veteran-run organization situated in Grand Rapids, was awarded an $800,000 grant. They are committed to developing novel medical equipment and the grant will bolster their manufacturing processes, infrastructure, and operational functions.
The undeniable success of these companies is a testament to the vibrant entrepreneurial spirit propelling small businesses in Michigan. Through the IESG program, essential support and aid are provided to those contributing to the creation of a fair, inclusive economic landscape in the state.
