Boosting Michigan's Economy: Honoring Black Business Month 2025

August is designated as Black Business Month in Michigan, an opportunity to honor and acknowledge the vital roles that Black-owned businesses play in enriching our communities, neighborhoods, and the state as a whole. During this month, I am committed to amplifying support for Black entrepreneurs by facilitating their path toward success in Michigan.Every business, regardless of size, is significant. Entrepreneurs pour countless early mornings and late nights into building their dreams, choosing Michigan as the foundation to support their families and instigate positive societal change. Nonetheless, small enterprises face numerous challenges, such as steep startup costs and intricate regulations. Thus, my administration prioritizes providing critical resources to foster their growth.We have exceeded our objectives in state contracting with historically underrepresented businesses. Our Small Business Venture Capital program has invested more than $40 million to mitigate funding shortages for new tech enterprises. Additionally, we launched the MI Economic Opportunity Fund, a $10 million microloan initiative aimed at empowering women and entrepreneurs of color as they embark on their business ventures. Furthermore, the Michigan Economic Development Corporation operates 27 Small Business Support Hubs to assist entrepreneurs in effectively navigating their business journeys.