Peters Secures Funding to Support Michigan Small Businesses, Economic Development and Innovation Through the Senate Appropriations Committee

WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped the Senate Appropriations Committee pass the Fiscal Year 2024 Financial Services and General Government Appropriations Act. The bipartisan legislation would fund Michigan priorities, high-impact local projects and federal programs that support small businesses, innovation and saving taxpayer dollars. The bill now advances to the full Senate. Meanwhile, the House of Representatives is considering their own funding bills. The Senate and House will then need to reach an agreement on a final funding bill and have it pass both chambers before being sent to the President to be signed into law.

“Small businesses are the engine of our state’s economy and this bipartisan legislation would support Michigan small businesses, entrepreneurs and innovation,” said Senator Peters. “As a member of the Senate Appropriations Committee and through our continued work to fund the government, I’ll keep fighting for resources important to Michigan small businesses, while advocating for taxpayer money to be spent responsibly.”  

The bill includes measures led and supported by Peters, including:

• Funding for Northern Michigan University to establish a Security Operations Center for small businesses in the UP: Would provide $1.145 million for Northern Michigan University to create a Security Operations Center to serve as a resource for small businesses and entrepreneurs in the Upper Peninsula.

• Funding toward a small business hub for the city of Alma: Would provide $2 million for the City of Alma to create a small business hub to support entrepreneurs in key sectors of the Mid-Michigan economy.

• Funding to help Michigan Technological University Create an accelerator focused on advanced materials and critical minerals used by automotive and defense sectors: Would provide $250,000 for Michigan Technological University to create an accelerator to support research and jobs related to advanced materials and critical minerals used in the automotive and defense industries, which is a key priority for Peters.

• Funding for Central Michigan University to help support small business development: Would provide $579,000 to go toward small business development in Mid-Michigan communities.

• Funding to create an Innovation Center in the Village of Capac: Would provide $271,000 to support the creation of an innovation center for small business development, entrepreneurial start-up support and workforce development.

• Funding to support small businesses in the Charter Township of Van Buren: Would provide $60,000 to support local small businesses in business planning, micro-lending, access to capital and workforce development.

• Funding for the Pandemic Recovery Accountability Committee to Save Taxpayer Dollars and Bolster Fraud Detection: Would provide funding for the Pandemic Recovery Accountability Committee, which Peters helped establish through the CARES Act, to ensure that funds from pandemic relief bills are being used effectively and reaching the hardworking families, small businesses and communities that need them most.

• Funding for Pandemic Preparedness: Would fund the new Office of Pandemic Preparedness and Response housed within the White House, which was established to serve as a mission control and ensure there is a team in place to guide an all-of-government response to new and emerging public health threats.

• Funding for the Community Development Financial Institutions (CDFI) Fund: Would support the CDFI Fund, which Peters has championed, to provide credit, capital and financial services to underserved populations and communities in Michigan and across the country. It would also allocate funding for the Community Development Revolving Loan Fund, which Peters has strongly supported, to help low-income-designated credit unions provide financial services for their members and spur economic growth in their communities

• Funding to support Women’s Business Centers: Would provide funding for Women’s Business Centers to offer specialized counseling, training and other assistance to women entrepreneurs, particularly in underserved communities.

• Funding for the Small Business Administration’s Microloan Program: Would provide funding for the Microloan Program to deliver technical assistance and small-scale loans to small businesses that are unable to qualify for conventional loans and other guaranteed loans.

• Funding to help Americans locate retirement accounts from past employers: Would provide funding to implement the SECURE Act 2.0, which Peters supported, to help Americans locate their retirement accounts from past employers that they are missing or have lost track of.

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