Governor Gretchen Whitmer, in partnership with the Michigan Economic Development Corporation (MEDC), has announced the recipients of the Inclusive Entrepreneurship Support Grants (IESG), totaling a significant $8.8 million. These grants are part of a concerted effort to remove barriers for small businesses, entrepreneurs, and innovators in marginalized communities, promoting economic equity and opportunity in Michigan.
The IESG program represents a strategic investment in creating an environment where individuals from all backgrounds can turn their dreams into successful businesses. By breaking down barriers and fostering economic growth, the program aims to strengthen Michigan’s economy from within, supporting a diverse range of industries from sustainability and clean energy to affordable housing and health sciences.
This initiative is part of the broader Innovative Economic Development Program (IESG), a $10 million funding initiative that was made possible through the collaboration of the Michigan Economic Development Corporation and the community. The overwhelming response to the program saw an impressive 620 applications, collectively requesting $580 million in funding, indicating the high demand and enthusiasm for entrepreneurial support in Michigan.
The grant recipients will contribute to key strategic priorities in the state, addressing challenges in areas such as clean energy and affordable housing. The highly competitive application process reflects the dedication and commitment of Michigan’s entrepreneurial community. The three recipients based in Detroit are set to use the funds to drive impact in their respective fields, ranging from clean energy solutions to biotech advancements.
One of the Detroit-based recipients, Dunamis Charge, has been awarded £2.5 million to expand its operations and focus on community outreach initiatives and job creation. Meanwhile, CircNova, a biotechnology startup, has received £1 million to establish a state-of-the-art laboratory and recruit essential personnel to drive its cutting-edge drug discovery efforts. Additionally, Union Heritage, an early-stage investor based in Detroit, has been granted £500,000 to expand its services and provide culturally competent support to Michigan startups.
These grants represent a significant step towards fostering a more inclusive and supportive environment for entrepreneurs and businesses in Michigan. By providing tailored resources and funding to entrepreneurs from diverse backgrounds, the program aims to further bolster the local startup ecosystem and drive innovation and economic growth across the state.
For those interested in learning more about the Michigan Economic Development Corporation and their initiatives, further information can be found at www.MichiganBusiness.org.
This partnership between the state government and local business communities signifies a commitment to uplifting and supporting entrepreneurs from all walks of life, paving the way for a more inclusive and vibrant economy in Michigan.