Following the expansion of the Business Accelerator Fund (BAF) guidelines, the Michigan Strategic Fund (MSF) has approved the transfer of an additional $700,000 to the BAF. The fund supports business accelerators in Michigan’s statewide SmartZone network that are serving startups and high-tech companies impacted by the COVID-19 outbreak.
The BAF is funded by the MSF and provides grants of up to $50,000 to business accelerators to help high-tech businesses access specialized services they need to grow. The high demand for program funding led to the depletion of the $1.43 million in BAF funds as of July. As a result, the MSF Board approved the additional funds for the BAF.
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