Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $21,120.00 millions dollars in grants and local government funds of $16,580.00million dollars annually into the business sector since small businesses and large corporations are the backbone of Michigan’s economic growth. The state of Michigan has 176,303 businesses, and they are broken down into the following:
Michigan Business Sector Breakdown by Size:
- 102,250 registered businesses in Michigan have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 31,406 registered businesses in Michigan have 5 to 9 employees.
- 19,573 registered businesses in Michigan have 10-19 employees.
- 16,339 registered businesses in Michigan have 20-99 employees.
- 3,716 registered businesses in Michigan have 100 to 499 employees.
- Over 3,019 registered businesses in Michigan have over 500 employees.
Michigan Business Sector Breakdown in Service Industries:
- 22,341 registered businesses in Michigan are part of the Professional, Scientific and Technical Services sector.
- 12,277 registered businesses in Michigan are in the Administrative, Support, Waste Management, and Remediation Services sector.
- 19,623 registered businesses in Michigan are in the Accommodation and Food Services sector.
- More than 23,702 registered businesses in Michigan are also service orientated businesses, but do not belong in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. Michigan has more than 56,000 farms.
Small Businesses in Michigan
It is difficult to start and manage a small business in Michigan. In Michigan, more than $135,808,000,000.00 US Dollars are spent on employee salaries/payroll, and every year, over 71,004 companies declare bankruptcy. The federal government doesn’t provide grants for expanding or starting a business publicly. However, Michigan provides small businesses grants to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth your time to look into small business grants to help fund your business.
Contact Michigan financial assistance agencies to apply for Michigan business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: