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This Black Business Month, We’re Growing Michigan’s Economy

August 26, 2025

Governor Gretchen Whitmer marks August as Black Business Month in Michigan, highlighting her administration's ongoing efforts to support Black entrepreneurs and small businesses across the state. Her administration has implemented various initiatives including the Small Business Venture Capital program, which awarded over $40 million to connect tech startups with capital, and the MI Economic Opportunity Fund, a $10 million microloan program targeting women and entrepreneurs of color. The governor emphasizes efforts to reduce regulatory burdens for small businesses, including recent legislation benefiting small distillers and mixed spirit manufacturers.

Who is affected

  • Black business owners and entrepreneurs in Michigan
  • Women entrepreneurs and entrepreneurs of color
  • Small business owners across Michigan
  • New tech companies seeking capital
  • Small distillers and mixed spirit manufacturers
  • Michigan-based workers in jobs created through business initiatives

What action is being taken

  • The administration is exceeding targets in state contracting with previously disadvantaged businesses
  • The Small Business Venture Capital program is connecting new tech companies with capital
  • The MI Economic Opportunity Fund is providing microloans to women and entrepreneurs of color
  • The Michigan Economic Development Corporation is operating 27 Small Business Support Hubs
  • The administration is cutting red tape for entrepreneurs, including recent legislation for small distillers
  • The Department of Licensing and Regulatory Affairs (LARA) is working to reduce regulatory burdens and refund fees

Why it matters

  • Small businesses face significant challenges including high startup costs and regulatory hurdles
  • The initiatives help entrepreneurs access necessary resources to succeed in Michigan
  • The programs create good-paying Michigan-based jobs
  • The efforts contribute to Michigan's growing economy and business-friendly reputation
  • The support specifically targets previously disadvantaged businesses and entrepreneurs
  • Michigan has achieved recognition as a top 10 state for business by CNBC for three consecutive years

What's next

  • No explicit next steps stated in the article, though Governor Whitmer mentions she will "keep working" to make Michigan a place where all businesses can succeed.

Read full article from source: Michigan Chronicle