Michigan Economic Development Corporation issued the following announcement on April 3.
The Michigan Strategic Fund has approved modifications to the Business Accelerator Fund (BAF) to provide greater support to business accelerators in Michigan’s statewide SmartZone network that are serving startups and high-tech companies impacted by the COVID-19 outbreak, the Michigan Economic Development Corporation (MEDC) announced today.
“Around the world, Michigan is known for its innovation, work ethic and unwavering resilience. As we continue working to combat COVID-19 throughout the state, it is critical that we do everything in our power to provide greater support to our startup and entrepreneurial communities,” said Fred Molnar, Vice President of Entrepreneurship and Innovation at MEDC. “By expanding the use of these funds, we are empowering some of our state’s most creative minds to explore the types of ground-breaking innovations that will help us tackle this virus in communities across our state.”
Funded by the MEDC and administered by the Michigan Small Business Development Center (SBDC), the Business Acceleration Fund (BAF) provides a series of small grants of up to $50,000 to business accelerators to help high-tech businesses access certain specialized services they need to grow. The BAF is available to all 19 of the participating business accelerators in Michigan’s statewide SmartZone network, offering support to all regions of the state. These funds are generally used to deliver specific commercialization services that would not otherwise be available, such as the development of marketing plans or technology validation and product testing. In December 2019, the Michigan Strategic Fund Board approved $1.43 million to fund the BAF in 2020.
Original source can be found here.
Source: Michigan Economic Development Corporation
Alerts Sign-up