Governor visits MMCC to introduce new small business program
Governor Jennifer M. Granholm hosted a “Roundtable” at Mid Michigan Community College Tuesday to discuss a new program to help growth and development of small and medium-sized businesses across the state.
“If there was ever a time to own your own business, this is it. It’s here,” Granholm said. She said this is the fifth presentation of the program around the state. “It is an opportunity for [potential] small business owners.”
The new partnership between the Michigan Small Business and Technology Development Centers (MI-SBTDC), Michigan Credit Union League (MCUL), and FastTrac NewVenture program will provide training, including developing a comprehensive business plan, and funding for financing small business loans.
Granholm also discussed the new partnership that will be launched this year with the MCUL and the MI-SBTDC to provide an initial $43 million for eligible small business loans.
The MCUL represents 335 credit unions in the state. With the initial pledged funds of $43 million, and assuming an average loan size of $20,000, credit unions hope to help at least 2,250 small businesses statewide.
Glenn Ray, representing the MCUL, said guidelines and standards for the business loans are being developed and should be completed within 60 days. Inquiries regarding the new credit union small business loan alliance should be directed to the MCUL at 800-262-6285. Further details on the program will be available within the next 90 days.
To be eligible for business loans, a comprehensive business plan is a must.
FastTrac New Venture, a program of the Ewing Marion Kauffman Foundation, offers real world guidance to the people who want to become entrepreneurs. Granholm said there are 57 trained facilitators for the ten-week “boot camp.”
“Small businesses are vital sources of innovation and job creation in Michigan,” Granholm said. “Through collaboration and tools like the FastTrac program, and the Michigan Small Business Financing Alliance with the Michigan Credit Union League, the state will enable even more Michigan citizens to develop their entrepreneurial talents that will help continue the diversification of Michigan’s economy.”
Granholm introduced five small business developers, two from the west side of the state, one from Mt. Pleasant and two from Clare.
Mike Reihl, who has filed for a patent on an energy efficient commercial refrigeration system, said he already has one piece of equipment in use at Cops and Doughnuts in Clare, where the units are manufactured.
Jeff Best of Clare has developed a heavy-duty but compact planter for habitat improvement. He said the SBTDC helped him develop his business plan.
Jackie Shaw of Mt. Pleasant said she used business mentoring to help open her own hair salon when the business she worked at closed.
After he lost his job in manufacturing and sales, Rich Kelly, a graduate of the FastTrac program, is starting a drug testing and background consulting business.
Trina Mannino said she heard about the program through an ad in the paper. She and her husband have opened a video security business.
“Michigan is committed to the growth of small businesses, which will play a critical role in rebuilding Michigan’s economy,” said Carol Lopucki, State Director of the Michigan Small Business and Technology Development Center. “The FastTrac programs allow entrepreneurs and small business owners an opportunity to test the feasibility of an idea and develop a plan before they launch a small business or take their business in a new direction. FastTrac is one of the many tools that are available to entrepreneurs here in Michigan.”
The FastTrac program begins April 13th at MMCC with a ten-week workshop series [boot camp] running each Tuesday evening through June 15.
During the ten-week course, entrepreneurs evaluate the feasibility of their business concept, make contacts and learn how to start profitable small businesses, attract new clients, retain employees and improve service and product offerings.
With $200,000 pledged from the Michigan Economic Development Corporation, the classes, which would normally cost $700, will be available for $100.
To register for the FastTrac New Venture program or for more information, contact the Michigan Small Business and Technology Development Center at 989-386-6630 or visit www.misbtdc.org/region4.
SBTDC Region 4 includes Clare, Gladwin, Gratiot, Isabella, Lake, Mason, Mecosta, Montcalm, Newaygo, Oceana, and Osceola counties. The MI-SBTDC Region 4 office has locations at both the Harrison and Mount Pleasant campuses of MMCC
