WSYM FOX 17 Lansing: Peters, Stabenow announce $175M in federal funding for Michigan businesses

WASHINGTON — Michigan U.S. Senators Gary Peters and Debbie Stabenow announced on Wednesday more than $175 million in federal funding for the state’s small businesses.

It’s part of the State Small Business Credit Initiative, which is also part of the American Rescue Plan signed into law last month, according to a news release.

 “As we work to emerge from this unprecedented public health and economic crisis, it has never been more important to ensure that Michigan small businesses have the resources needed to stay afloat,” Peters said. “This funding will directly help our small business community create jobs, adapt operations and lead economic recovery efforts across the state. The State Small Business Credit Initiative is a proven success, and I’m thrilled that the program I helped champion has been fully reauthorized as part of the American Rescue Plan.”

Josh Hundt, chief business development officer and executive vice president of the Michigan Economic Development Corporation, says the funding will help create the state’s workers in businesses of all sizes.

“Michigan has a well-established track record in leveraging innovative programs and funds like SSBCI,” he said. “The $175 million SSBCA funding Michigan has been allocated will help drive further economic growth across the state. We appreciate and applaud Sen. Peters and Sen. Stabenow for their leadership and ongoing support for this program.”