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Peters, Stabenow Announce Over $175 Million in Federal Funding for Michigan Small Businesses

Senators Helped Secure Funding for the State Small Business Credit Initiative Through the American Rescue Plan

WASHINGTON, DC U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) today announced that the U.S. Department of the Treasury will be providing $175,863,073 to the state of Michigan as part the State Small Business Credit Initiative (SSBCI). This funding comes after the Senators successfully led efforts to enact significant funding for the program as part of the American Rescue Plan Act that was signed into law last month. Peters and Stabenow also championed the original language that established the program in the Small Business Jobs Act of 2010 as members of the U.S. House and Senate, respectively.

“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,” said Senator Peters. “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.”

“The COVID-19 crisis has taken an incredible toll on small businesses in our state and made us appreciate even more their importance to our communities and our economy,” said Senator Stabenow. “Given the stress of this pandemic on so many small businesses, access to capital is more important than ever. This funding will help our small businesses stay open, create jobs and help our economy recover.” 

“SSBCI funding helps to drive the growth of Michigan businesses of all sizes and across industries, in turn creating economic opportunities for Michigan workers and strengthening our path toward economic recovery,” said Josh Hundt, Chief Business Development Officer and Executive Vice President, Michigan Economic Development Corporation. “Michigan has a well-established track record in leveraging innovative programs and funds like SSBCI. The $175 million SSBCI funding Michigan has been allocated will help drive further economic growth across the state. We appreciate and applaud Senator Peters and Senator Stabenow for their leadership and ongoing support for this program.”

Peters and Stabenow have secured relief to help Michigan small businesses throughout this pandemic. Among their recent efforts, last month, Peters and Stabenow helped pass and enact the Paycheck Protection Program (PPP) Extension Act to extend the PPP application period for two more months. This program gives loans to small businesses impacted by the COVID-19 pandemic to help pay their employees and other expenses. Peters and Stabenow also helped secure $7 billion for the PPP, $25 billion in grants for hard-hit restaurants and bars and $15 billion for Economic Injury Disaster Loan Advance grants as part of the American Rescue Plan. In February, Peters and Stabenow reintroduced legislation to reauthorize and provide $10 billion in federal funding to the State Small Business Credit Initiative.