The Michigan Main Street Program is working with one of Michigan's most dedicated community capital champions, Revalue, who has developed a unique educational experience on Michigan's local investor education initiative, under the name Grubstake, in partnership with MEDC and Michigan Main Street.
It's a term from the late 19th century that has fallen out of use, but is completely applicable today:
noun: an amount of material, provisions, or money supplied to an enterprise (originally a prospector for ore) in return for a share in the resulting profits.
verb: provide with a grubstake.
The term was coined during the era of gold mining. Miners would come into town and local residents would offer a grubstake in the form of lodging, food, or basic necessities. In exchange, the residents would receive a portion of the profit, or a grubstake.
Revalue has created a way for community members who might be interested in investing in their own backyard to get their feet wet with the due diligence process by putting them through a mock pitch and investment decision experience.
Sign up for a workshop and learn more about GrubStake at: http://whatisgrubstake.com/#intro
“Match on Main” is a grant program, provided by the Michigan Economic Development Corporation, for small businesses located in Select or Master level Michigan Main Street communities.
Small businesses are the cornerstone of Michigan Main Street Communities. Many small businesses have difficulty gaining access to capital. Match on Main will provide a unique opportunity for new and expanding businesses located in Main Street districts. This grant program will provide funding to Select or Master level Michigan Main Street programs to support small business owners as they explore ways to improve the interior space.
The MEDC finds value in supporting place-based businesses located in Michigan Main Street districts, given the local capacity that has been built to support new and existing small businesses through the technical assistance, training and education provided by the Michigan Main Street program.
There is a benefit to the community to activate vacant or underutilized space, attract new customers, and overall see a vibrant downtown district. The local Main Street Program serves as the applicant for this program bringing knowledge of new and expanding businesses, an understanding of market realities, the needs of the downtown, the ideal business mix, and available properties. They serve as a conduit to connect the small business owner with resources available through the Small Business Development Center and the potential opportunities for funding through Match on Main.
The Capital Readiness Checklist is an assessment tool for business service organizations can use to evaluate the small businesses they serve. It features a checklist of basic criteria that a small business typically needs to meet before a lender will consider lending to them.
The Neighborhood Business Initiative’s Gaps Committee worked with Michigan Community Resources to create this guide with support from the New Economy Initiative.
Email firstname.lastname@example.org for the Capital Readiness Checklist.
The “silver tsunami” of retiring Boomer business owners is in full force, while, at the same time, Gen X and Millennials are seeking opportunities to enter the entrepreneurial space. Whether you’re seeking to buy or sell a business, the Michigan Small Business Development Center has developed a conference that will prepare you to successfully navigate the process as well as connect with experts who can assist you throughout all phases of the transition.
Michigan Small Business Development Center provides counseling, training, research and advocacy for startups, existing small businesses and innovative tech companies. Counselors provide support and a planning tool to help evaluate the direction of your technology, chart strategies and more.
Michigan's SBDC publishes a Guide to Starting and Operating a Small Business. Information includes steps for starting a business; forms of business organization; elements of a business plan; federal, state and local tax obligations; management, hiring, marketing and more.
“B Corp” is short for “benefit corporation,” which is a designation earned by companies that are focused on environmental and social change in addition to monetary profits (the triple bottom line). B Corps are certified by B Lab, a nonprofit organization that believes in unifying companies around the world with their goal of making high ethical standards for business practices the new norm.
There are several B Corps throughout Michigan. These companies are providing high-quality jobs, working to reduce their negative impact on the environment, and raising the bar for how we do business.
The Michigan Main Street recognizes the importance small businesses have in shaping vibrant downtown districts. In partnership with our local Main Street programs, the Michigan Main Street offers various trainings for small businesses throughout the year. Stay tuned for the small business training scheduled offered by Michigan Main Street and visit the training and events calendar for more information.