Michigan Now a Top State for Small Business Revenue Growth

by | Jun 1, 2022 | Regional News

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FOR IMMEDIATE RELEASE
May 31, 2022
Contact: [email protected]

Gov. Whitmer Announces Michigan Now a Top State for Small Business Revenue Growth

 

LANSING, Mich. – Today, Governor Gretchen Whitmer highlighted new small business data indicating Michigan’s continued economic growth. According to Opportunity Insight’s Track the Recovery, January 2022 saw small business revenue in Michigan increase by 24% compared to January 2020, while the nation experienced a 6.9% increase over the same period. According to the Bureau of Labor Market Information and Strategic Initiatives, Michigan ranks tenth in small business revenue growth over the last two years.

 

“Small businesses are the backbone of our economy and they continue to create jobs and get things done,” said Governor Gretchen Whitmer. “The data continues to show that small businesses are at the forefront of driving innovation, jobs and economic growth in our state. I’m committed to getting small businesses the support they need to retain and recruit more workers and expand operations so we can keep this momentum going and see even better numbers in the future.”

 

This latest positive data closely follows the recent announcement that Michigan had the fastest small business job growth in 23 years and that 150,000 new small business applications were filed in 2021, 59% more than in 2019. Governor Whitmer also recently announced that the State has been approved for up to $236,990,950 in State Small Business Credit Initiative funding from the U.S. Department of Treasury.

 

Over 900,000 small businesses employ 1.9 million people. COVID-19 impacted small businesses nationally and here in Michigan. Governor Whitmer, through her MI New Economy plan is setting a bold goal for Michigan’s small businesses to build on this momentum and have Top 10 growth during the next five years.

 

Governor Whitmer remains committed to supporting small businesses as Michigan continues growing its economy. Under the MI New Economy plan, the governor laid out a $2.1 billion proposal to grow Michigan’s middle class, support small businesses and invest in communities. As Michigan’s economy grows, bolstered by a multi-billion-dollar surplus and increasing momentum, Governor Whitmer’s proposals will tackle underlying issues faced by small businesses and make bold investments needed to create economic prosperity for all.

 

  • $500 million to build on the Michigan Mainstreet Initiative, which offers grants to restaurants, place-based businesses, and microenterprises with further dollars to attract more start-ups.
  • $200 million to create a more conducive business environment for high-tech, high-growth start-ups and create jobs of the future in Michigan.
  • Added 220,000 jobs in 2021, drove down unemployment and took Michigan from a projected $3 billion deficit to a $7 billion surplus.
  • Enacted a bipartisan tax cut for small businesses, enabling them to grow and create jobs.
  • Signed a Buy Michigan executive directive to increase state procurement and contracts with small and geographically disadvantaged businesses.
  • Signed the bipartisan Strategic Outreach and Attraction Reserve (SOAR) package, which supports business by fully funding a competitive economic development toolkit to help make Michigan a national leader in business attraction.
  • Launched over $400 million to support small businesses through Growing MI Business grants.
  • In partnership with the Michigan Economic Development Corporation, the Governor implemented 23 economic relief programs for businesses, supporting more than 25,000 companies and retaining more than 200,000 jobs, and provided $100 million through the Small Business Restart Program to help restaurants and other place-based businesses cover costs by providing grants up to $20,000 for mortgage, rent, taxes, payroll and other operating expenses.