In Focus: Some schemes, initiatives & grants for women entrepreneurs in Michigan
#WomenEntrepreneurship #MichiganInnovation #StartupSupport #EmpoweringWomen
Michigan’s entrepreneurial landscape is alive with potential, poised to become a hub of innovation and economic growth. With its rich resources and commitment to research and development (R&D), the state offers a promising environment for women entrepreneurs to thrive and succeed. However, to fully harness its entrepreneurial prowess, targeted state action and support are essential.
Michigan boasts a robust infrastructure for fostering entrepreneurship, evidenced by its significant investments in R&D and its status as the 6th largest state in the country in terms of patents issued. The state also boasts a strong presence of science and engineering occupations, providing a solid foundation for innovation and technological advancement.
Despite these strengths, there remain opportunities for growth and enhancement within Michigan’s entrepreneurial ecosystem. One such opportunity lies in the need to more effectively transition R&D efforts into the establishment of new startups. Additionally, stimulating investor activity and expanding the capital pool are crucial steps towards fueling entrepreneurial ventures and driving economic prosperity.
Here, let us explore the various forms of support and resources available to women entrepreneurs in Michigan, as well as the state’s initiatives aimed at fostering innovation, creativity, and business success. From mentorship programs to funding opportunities to grants, Michigan offers a supportive ecosystem designed to empower women entrepreneurs and pave the way for their success in the dynamic world of startups and innovation.
> MichiganWomenForward (MWF)
MichiganWomenForward (MWF) worked towards driving women’s businesses toward success. Acknowledging that the road to new business financing can be long and winding, MWF has stepped forward. And when that business is owned by a woman, the road is typically filled with obstacles. So, realizing this, they offer financial assistance, education, training and mentorship to ensure women’s businesses succeed.
To ensure the success of their clients’ businesses, they have also created a range of services including technical assistance, educational conferences, summits and workshops developed in partnership with colleges, universities and other organizations in the ecosystem to support all steps of entrepreneurship from ideation to launch to growth.
> Michigan Association for Female Entrepreneurs (MAFE)
Michigan Association for Female Entrepreneurs (MAFE) is an award-winning non-profit organization, who are very committed to supporting, promoting and empowering women entrepreneurs in Michigan.
MAFE supports the entrepreneurial development among women at all levels of entrepreneurship – from start-ups to mature businesses!
Their focused goal is – to help women overcome barriers to business success by providing access to education, information, resources, and opportunities focused on business growth and economic advancement. And, they have Entrepreneurship Programs, a Leadership Institute offering leadership programs and a Global Access Program that allows women entrepreneurs access global markets build connections and learn about international trade, business and diplomacy.
> Grow
Grow is a Community Development Financial Institution and as far as their mission goes, they are committed to providing responsible, accessible loans that expand economic opportunity for small business owners.
They remain focused on elevating entrepreneurs by providing access to capital, financial training, and mentorship from Grow’s network of industry professionals. These resources assist entrepreneurs in making sustainable decisions as they build financial security as small business owners in West Michigan.
> Michigan Small Business Administration – SBA
The Michigan SBA is supported by a main district office in Detroit as well as an additional location in Grand Rapids. They provide services including funding programs, counseling, federal contracting, certifications, and disaster recovery. They can also connect you to partner organizations, lenders, and other community groups that help small businesses succeed.
https://www.lisamasiello.com/michigan-women-entrepreneurs-start-a-new-business
Michigan Agencies & Non-Profit Organizations
> Michigan Association for Female Entrepreneurs
Michigan Association for Female Entrepreneurs (MAFE) is a nonprofit organization that supports the growth and advancement of women business owners in Michigan. MAFE provides opportunities for female entrepreneurs, in both new development and growth stages of their business, to build their entrepreneurial capacity through educational programs focused on sustainable business growth and development.
MAFE’s Leadership Institute offers leadership development programs to equip entrepreneurial women with the skills needed for professional and personal growth. The Global Access Program helps women entrepreneurs access global markets, strengthen global connections, and learn about international business, trade and diplomacy.
https://www.lisamasiello.com/michigan-women-entrepreneurs-start-a-new-business
> Great Lakes Women’s Business Council
Great Lakes Women’s Business Council (Great Lakes WBC) is a non-profit champion for women and minority businesses. It provides access to capital, certification for women-owned businesses, corporate contracting opportunities, and small business educational support.
They provide Women’s Business Enterprise National Council (WBENC) national WBE certification to businesses owned, managed, and controlled by women who want to do business with major corporations and government entities.
For CEED Lending, they provides business expansion financing, and small business loans to start-up and existing enterprises owned by women and men in nine counties of southeastern Michigan.
And Women’s Business Center offers strategic programs for entrepreneurs, assisting them in growing their business to the next level by providing training, counseling, group mentoring, and business development opportunities.
https://www.lisamasiello.com/michigan-women-entrepreneurs-start-a-new-business
> Michigan Small Business Development Center – SBDC
Michigan SBDC helps Michigan small business succeed with small business consulting, tools and resources. Provided or developed by experts, each one is geared to help you with a key aspect of Michigan entrepreneurship.
Growth Services for Established Small Businesses: If you have 10 or more employees and $1 million or more in revenue, the growth team can help you further your success by strategizing and guiding your ongoing growth.
Market Research Services: Better understand your market, your target audience, and Search Engine Optimization (SEO) so you can make decisions that drive interest in your products or services, improve customer loyalty, and move your business forward.
Cybersecurity Resources: You and your customers will benefit from the peace of mind that comes with understanding how to protect your Michigan small business.
Export Services: Michigan SBDC offers free export services to help you with everything from business planning to landed cost estimates.
Support for Advanced Tech Businesses: Are you a Michigan tech startup? Michigan SBDC can connect you with consultants with first-hand experience to help with funding, launching, and more.
https://www.lisamasiello.com/michigan-women-entrepreneurs-start-a-new-business
> Ann Arbor SPARK
Ann Arbor SPARK helps anyone launch, grow, and locate your business in Ann Arbor, Michigan.
Startup services include supporting new tech and life science companies with an entrepreneur boot camp, startup acceleration, SPARK co-working, coaching, and mentorship. Business expansion services include – site selection consulting, state and local incentives, talent acquisition, industry connections, and municipality support. Funding services are available for idea stage, startup stage, growth stage, and mature stage.
https://www.lisamasiello.com/michigan-women-entrepreneurs-start-a-new-business
Funding – State & Federal Sources
> U.S. Small Business Administration – Funding Sources
The U.S. Small Business Administration helps small businesses get the funding they need. Funding resources include:
Loans: Start or expand the business with loans guaranteed by the SBA.
Investment capital: Find an investor for your business. Investors make both debt and
equity investments.
Disaster assistance: Get help after a disaster with low-interest disaster loans.
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond.
Grants: Look for government grants that help businesses do scientific research and development.
> Invest Detroit
Invest Detroit’s small business program is committed to supporting both new and existing locally-owned businesses – with loans that support operational and property needs.
Loans cover expenses such as the purchase of equipment, owner-occupied property renovations or tenant improvements, and the purchase of real estate, among others.
https://www.lisamasiello.com/michigan-women-entrepreneurs-start-a-new-business
> 78 Women Grants for Michigan
Here you can find Grants for women entrepreneurs, seed money to individual women, college grants for women, small business grants for women, enterprise grants and grants for minority women.
Avtar Madan
Himanshu
Shree Lahiri
