State of Michigan launches small biz nurturing initiative

6/7/2011

Michigan Governor Rick Snyder has announced a new state initiative conducted by the Michigan Economic Development Corporation and several other state agencies. Called Pure Michigan Business Connect, the new program will inject more than $3 billion into local business.

The program focuses on new startups and young businesses. Major brands in the state will begin buying products and services from these companies instead of out-of-state providers to help bolster the local economy. As Wired VC notes, the overall goal is to create a climate that is conducive to small business growth.

"It's a time tested recipe, and apparently in Michigan it's called 'economic gardening.' Whatever Governor Snyder chooses to call it, it's welcome news to startups," explains the source. "The Governor has a venture capital background and his ideas are gaining steam with Michigan's business leaders, a key to Pure Michigan’s success."

At a time when many companies are hindered by small business lending, any program that can provide some sort of financial support will be well-received among startups and local organizations.