$3.4 million in new funding over the next three years will support expansion
of existing small business services in Wayne County
Nov. 13, 2023
TechTown Detroit (Wayne State University Research and Technology Park) announced today its designation as a Michigan Economic Development Corporation (MEDC) Small Business Support Hub, along with $3.4 million in funding over three years.
The award includes approximately $400,000 in funding that TechTown Detroit can provide directly to individual businesses as technical assistance grants. Ned Staebler, vice president for economic development at Wayne State University and president and CEO of TechTown Detroit, made the announcement.
“Small businesses fuel economic growth, and this is an important investment in the future of that growth in Michigan,” Staebler said. “As Detroit’s SmartZone and now Small Business Support Hub, TechTown is committed to ensuring that entrepreneurs have access to the resources that will help them grow.”
TechTown Detroit’s application was submitted in partnership with Eastern Market Partnership, ProsperUs, the Build Institute and the Michigan Small Business Development Center. In total, the MEDC designated 27 new Small Business Support Hubs across the state, totaling $73 million in awards. The program is intended to assist small businesses disproportionately impacted by COVID-19 through investment in entrepreneurial hubs statewide.
Staebler continued, “We’re especially proud to be doing this work in partnership with organizations that share our commitment to equity and inclusion in serving a diverse population of entrepreneurs.” The Detroit hub projects that 80% of businesses served will be owned by women and/or people of color.
From Jan. 1, 2024 to Dec. 31, 2026, the allocated funding as a Small Business Support Hub will support approximately 3,303 entrepreneurs disproportionately affected by COVID-19 across Wayne County.
Small Business Support Hub Program
The Small Business Support Hubs (SBSH) program aims to establish and strengthen inclusive, accessible and effective regional ecosystems for entrepreneurs through the deployment of $75 million in American Rescue Plan funding. The SBSH program builds upon the 20 years of MEDC SmartZone success by creating a statewide network of entrepreneurial hubs equipped to serve the needs of small businesses through direct support and network referral relationships.
Among its objectives, the SBSH program intends to strengthen and establish locally relevant, regionally based ecosystems to cultivate a more inclusive, accessible and effective entrepreneurial ecosystem; and position small business support hubs to increase the number of businesses served through new and scaled programming, technical assistance and other support services. The program also seeks to expand the geographic reach of network partners into underserved and rural areas, as it raises the national profile of Michigan’s small business ecosystem.
Learn more about the MEDC Small Business Support Hub program.
Learn more about TechTown Detroit programs.