Ed. Note: Cross posted from the SBA's Open for Business blog
Startups and “high-growth” small businesses are responsible for the lion’s share of net new job creation in the U.S. each year. That’s a key reason that we launched an Administration-wide effort called Startup America earlier this year.
As a critical part of that, SBA made a commitment to invest up to $1 billion in underserved communities and emerging sectors over the next 5 years.
Today, we were delighted to announce the first public-private partnership of this Impact Investment Fund. This first effort will focus on growing businesses in Michigan.
Why Michigan?
First, the need is there. Unemployment is high in Michigan, with over 90% of counties in economic distress as defined by the Commerce Department. It’s an economy in transition.
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