Spring is a time for new beginnings, and every May, we come together to discuss new ideas, solutions, and innovations at the Mackinac Policy Conference. May is also small business month, and at the conference, one key topic of discussion will be how we can continue growing our economy by helping more families and small businesses ‘make it’ in Michigan, especially in communities of color. I’m proud of the work we have done to support Black business owners and I will continue working with anyone who wants to help Michigan entrepreneurs achieve their dreams.
Michigan benefits most when everyone has a shot, and Black-owned businesses have an enormous positive impact on our economy. That’s why we established the Michigan Economic Opportunity Fund, a $10 million microbusiness loan program for women and entrepreneurs of color that invests resources directly into Michigan communities. We set and surpassed our goal to connect geographically disadvantaged business enterprises, or GDBEs, to state contracting dollars, set a new goal, and then invested $2.5 million last year in the Michigan Minority Supplier Development Council to help small businesses register as GDBEs so they can win state contracts. Our efforts are supplementing the Biden administration, which doubled the number and dollar value of SBA loans to Black-owned businesses since 2020.
We collaborated on many other commonsense issues that impact small business owners. Together, we made record, bipartisan investments in education and workforce development. We closed the funding gap between schools and delivered free breakfast and lunch for students. We are expanding childcare and PreK. This year, we can build on our bipartisan talent and education record with the Michigan Guarantee, which would meet our PreK goals and offer free community college for every Michigan high school graduate. Each of these invests improves the talent available to small business owners and ensures sustainable, long-term growth of our communities.
Now, we are ready to go farther. In my state of the state address, I proposed four new targeted economic development tools to make Michigan more competitive: an R&D tax credit, a payroll tax cut called HIRE Michigan, modernized Renaissance Zones, and a new Innovation Fund to support early-stage startups. My budget recommendation also proposed $20 million for community revitalization, $20 million for specialized economic assistance to businesses including those expanding in Michigan, and $5 million to set up a revolving loan fund to help small businesses access the capital they need to win state infrastructure contracts.
This year’s Mackinac Policy Conference theme is “Bridging the Future Together,” giving us a unique opportunity to bridge personal differences and work together towards a shared goal. Let’s continue making Michigan the best place to start and own a business.
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