HOUGHTON, MI – November 13, 2023 – MTEC SmartZone, a leading organization in fostering innovation and supporting local businesses, proudly announces the successful acquisition of two major grants, totaling over $4.1 million. These grants, awarded by the U.S. Department of Commerce’s Economic Development Administration (EDA) Build to Scale program and the Michigan Small Business Support Hubs (SBSH) program, mark a significant milestone in MTEC SmartZone’s mission to drive economic growth and innovation in the western Upper Peninsula of Michigan.
The first grant, $750,000 from the U.S. Department of Commerce’s Economic Development Administration (EDA) Build to Scale program, will empower the organization to expand its initiatives, accelerate business development, and contribute to the economic growth of the region.
“We are honored to be among the recipients of the EDA Build to Scale Grant,” says David Rowe, CEO of MTEC SmartZone. “This grant will serve as a catalyst for innovation, allowing us to further our mission of making entrepreneurship attainable, driving economic development, and positioning our region as a hub for technological innovation.”
In addition to the EDA grant, MTEC SmartZone has secured $3,426,316 from the Small Business Support Hubs (SBSH) program initiated by the Michigan Economic Development Corporation (MEDC). This program, funded through the American Rescue Plan Act, aims to bolster small businesses disproportionately impacted by COVID-19 by providing comprehensive resources and support. “Small businesses are the backbone of Michigan’s economy, and this investment to support their growth from President Biden’s American Rescue Plan will build on Michigan’s economic momentum,” said Governor Whitmer. “These 27 entrepreneurial hubs across the state will shore up our small business ecosystem, providing economically disadvantaged entrepreneurs and small businesses with the support they need to keep growing and expanding right here in Michigan.”
Reflecting on the SBSH program grant, David Rowe emphasizes, “This funding highlights the resilience and potential of our local small businesses. With this support, MTEC SmartZone is well-positioned to play a pivotal role in ensuring our entrepreneurs receive the resources and guidance needed to thrive.”
MTEC SmartZone has consistently been at the forefront of supporting innovative technology companies, and these grants will undoubtedly amplify the organization’s impact. The funds will be strategically deployed to enhance infrastructure, support emerging businesses, and catalyze initiatives that drive long-term economic sustainability and growth.
Michigan Tech Enterprise Corporation (MTEC) is one of 21 SmartZone Incubators in the State of Michigan. MTEC is a 501(c)(3) non-profit organization working with the Michigan Economic Development Corporation (MEDC), its mission is to facilitate the creation and ongoing success of high-tech value propositions in conjunction with the local entrepreneurial ecosystem. Since 2003, the MTEC SmartZone has provided mentoring, technical support, and other services to local companies that have led to the creation of over 800 high-tech jobs in the Houghton and Hancock Michigan area.
For more information about MTEC SmartZone and its initiatives, please visit www.mtecsz.com.
The Michigan Economic Development Corporation, in collaboration with more than 100 economic development partners, markets Michigan as the place to do business, assists businesses in their growth strategies, and fosters the growth of vibrant communities across the state. MEDC’s Entrepreneurship & Innovation initiative establishes Michigan as the place to create and grow a business by providing high-tech start-up companies with access to a variety of critical resources, such as funding and expert counsel, from ideation to maturation. For more on MEDC Entrepreneurship & Innovation, visit michiganbusiness.org/entrepreneurship