Lean Rocket Lab, a Michigan-based organization, has announced plans to expand its support for small businesses to Lenawee and Hillsdale counties. Through a collaboration with nonprofit Lenawee Now, the Economic Development Partnership of Hillsdale County, and the Michigan Small Business Development Center, Lean Rocket Lab has been awarded a $1.4 million grant from the Michigan Economic Development Corporation over a three-year period.
The funding received will allow Lean Rocket Lab to expand its LOCAL program to the two counties, providing comprehensive resources and support to small businesses in the area. The grant will focus on expanding the organization’s existing “Fellows” program, which offers business coaching, workshops, and networking opportunities to help small businesses grow. Additionally, a new “Fast Track to Lending” program will be launched to connect small businesses with lenders and help them access capital.
A key component of the grant is the allocation of $400,000 for direct grants to eligible small businesses served through the program. These funds will be awarded through a competitive process to assist local small businesses in covering the costs of professional services. In collaboration with American 1 Credit Union, Lean Rocket Lab plans to expand its partnership and access to a $5 million loan fund to support small businesses in the Hillsdale and Lenawee regions.
Since its establishment in 2018, Lean Rocket Lab has been dedicated to supporting the growth and success of small businesses in Michigan. The organization’s expansion