State Rep. Abdullah Hammoud (D-Dearborn) introduced House Bill 4060 this week to create the Center for Microenterprise Development within the Michigan Strategic Fund (MSF) to provide loans and grants to microenterprise development organizations. These organizations are nonprofits that offer training, technical assistance and loans to microenterprise businesses, characterized by five or fewer employees, including startups, home-based businesses and self-employed individuals.
“As we continue to overcome the public health and economic hurdles of the pandemic, it is critical for local businesses of all sizes to have access to the financial support they need to succeed,” said Hammoud. “This legislation is a necessary step for our state to ensure rising entrepreneurs are in the best possible position to continue pursuing their passions and enriching our economy.”
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HB 4060 is intended to encourage entrepreneurship in Michigan by redirecting support for small businesses. This legislation was previously introduced during the 2019-2020 legislative term as part of the House Democrats’ Small Business, Big Impact package before the COVID-19 pandemic, which has only accelerated the dire need for these types of supports and opportunities for small businesses and entrepreneurs in Michigan.