Deadline: Ongoing | small business grants michigan
The majority of the federal budget in government grants is allocated to the business sector each year, with over $21,120.00 million in grants and an additional $16,580.00 million in funding from local governments. This is because small and large corporations are the cornerstone of Michigan’s economic growth. The state of Michigan has 176,303 business establishments, which are divided into the following categories:
Breakdown of the Michigan Business Sector by Size:
In Michigan, there are 102,250 registered enterprises with 0–4 workers. This breakdown includes those who operate as sole entrepreneurs and work from home.
In Michigan, 31,406 registered enterprises employ between five and nine people.
In Michigan, there are 19,573 registered enterprises with 10–19 employees.
In Michigan, 16,339 enterprises that are registered employ 20 to 99 people.
In Michigan, there are 3,716 registered enterprises with 100–499 workers.
In Michigan, there are about 3,019 registered enterprises with more than 500 workers.
Service Industry Breakdown for the Michigan Business Sector:
- The Professional, Scientific, and Technical Services industry comprises 22,341 entities that are registered in Michigan.
- In Michigan, the Administrative, Support, Waste Management, and Remediation Services industry comprises 12,277 registered enterprises.
- The lodging and food services industry in Michigan is made up of 19,623 registered firms.
- Although they are not included in the aforementioned sectors, more than 23,702 registered businesses in Michigan are service-oriented enterprises.
- You can also be qualified to apply for small company grants if you work in the farming sector. The state of Michigan is home to more than 56,000 farms.
It’s not easy to launch and run a small business in Michigan. In the state of Michigan, employee salaries and payroll alone account for over $135,808,000,000.00 US dollars, while over 71,004 enterprises file for bankruptcy annually. While the federal government does not openly offer grants for launching and growing a business, Michigan does offer some small business subsidies that help entrepreneurs launch and expand their enterprises without requiring them to repay the government’s investment. It therefore makes sense to consider small business grants as a funding option for your enterprise.
Get in touch with Michigan financial aid organizations to submit an application for business grants, or Visit their official Website