Muskegon Innovation Hub Lands $1.7 Million Grant: How It Will Fuel Future Growth
Published on: March 10, 2024
Grand Valley State University's Muskegon Innovation Hub has recently been awarded a $1.7 million grant from the State of Michigan. This substantial funding is part of a broader initiative led by Governor Gretchen Whitmer, aimed at bolstering small businesses and entrepreneurial growth throughout the state.
The grant is allocated under the state's Small Business Support Hub program, which selected the Muskegon Innovation Hub from a competitive pool of applicants. The program's main objective is to extend support to entrepreneurs and small businesses, especially those who have faced significant challenges due to the COVID-19 pandemic.
Kevin Ricco, the director of the Muskegon Innovation Hub, emphasized the grant's role in expanding the center's reach across its service areas. These include Muskegon, Oceana, Newaygo, Mason, western Kent, and northern Ottawa counties. The expansion is expected to grow the Hub's operations and enhance its engagement with these communities.
A notable portion of the grant, amounting to $200,000, is dedicated to providing direct funding to small businesses and entrepreneurs who have struggled to secure capital. This initiative is crucial in supporting a diverse range of business owners, including those in high-tech sectors and others typically facing funding challenges.
Furthermore, the grant will facilitate the Hub in offering more programming opportunities targeted at entrepreneurs in rural areas and minority-owned businesses. The industry-agnostic nature of the grant program allows for assistance to a wide array of sectors, including service, food, and product-related businesses.
The funding for this program originates from a one-time appropriation using American Rescue Plan Act dollars. This strategic investment is aimed at reinforcing Michigan's economy by supporting the backbone of its economic structure – small businesses. The initiative reflects a concerted effort to strengthen the state’s small business ecosystem, focusing on those economically disadvantaged by the pandemic.