U.S. Department of the Treasury Awards Over $9 Million to Michigan to Help Small Auto Manufacturers and Suppliers Grow and Hire

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) announced that the Michigan Economic Development Corporation is being awarded $9 million to support small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).Part of the Biden-Harris Administration’s economic agenda, this $75 million program provides funding to connect underserved and very small businesses to the capital needed to participate in key Investing in America supply chains, including electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, clean energy generation, and more. The SBOP was designed to catalyze additional private sector investment by supporting small business technical assistance services like accounting and legal services.“The Biden-Harris Administration’s economic agenda is focused on supporting American automakers and creating new opportunities for small businesses in Michigan to be a part of the supply chain for American-made cars,” said U.S.