The Governor’s State of the State address on Wednesday proposed very little in the way of new initiatives. However, she did devote a portion of her speech to programs that would assist entrepreneurs.
The governor indicated that “one of the most effective ways to diversify our economy is to spur small business development.”
In that vein, she announced three proposals.
The first proposal fits in with SBAM’s long standing support of entrepreneurial education. The MEDC will make a nationally recognized entrepreneurial training program available to 1,000 prospective entrepreneurs. Participants would go though a 10-week, intensive training program where they learn markets, finances, collections and how to come out with a business plan.
The second proposal is a partnership with Michigan’s credit unions that would provide over $40 million in funding for start-ups. The governor predicts that up to 2,100 new businesses will benefit from this effort.
Her last proposal would create a new tax credit for those who make venture capital available for businesses that need it to expand and create new jobs.
All of these proposals have been part of SBAM’s entrepreneurial agenda over the years. We will report to you as more details become available.