Business Accelerator Fund (BAF) Program Response to COVID-19
PROGRAM UPDATE: Due to the high response to this program, all funds have been allocated extremely . However, we continue to accept applications in anticipation of additional funds becoming available in the future.
About the Business Accelerator Fund (BAF)
The BAF is available to participating accelerators in Michigan’s statewide SmartZone network, such as LEAP. BAF funds are used to help accelerator clients purchase specialized services that are not otherwise available through a SmartZone accelerator. BAF funds enable business accelerators to engage third party specialists in order to assist advanced technology companies. This program is administered by the Michigan Small Business Development Center (SBDC) in partnership with the Michigan Economic Development Corporation (MEDC).
SBDC Guide to the BAF program (PDF)
Response to COVID-19
In response to the novel coronavirus (COVID-19) pandemic, the BAF program has expanded access and eligibility to support companies in the following scenarios as outlined below. Expanded eligibility for BAF support is intended to augment response to COVID-19 and support regional resilience in the long-term recovery from the pandemic, rather than providing immediate business relief. The total amount of funding in the BAF program is $1,180,000 to be allocated across the state of Michigan through regional SmartZones.
Supply Chain Support - applications open through June 30, 2020
Funds for small, non-tech companies making personal protection equipment (PPE) or medical supplies
- Applicants must be a Michigan-based small business per Small Business Administration (SBA) guidelines with less than $1.5. million in revenue
- Company must be making PPE, hand sanitizer, other medical equipment or assist in the medical supply chain.
- Ex. Companies that have pivoted services in response to COVID-19 such as distillers, cut & sew manufacturers, etc. may be eligible
- Up to $25,000 per company
Combatting COVID-19 Through Tech – applications open through September 30, 2020
Funds for high-tech companies whose product or service is directly fighting COVID-19
- Applicants must meet the same eligibility of existing BAF requirements, with the exception of a financial/investment cap
- Company cannot have more than 75 employees
- Up to $50,000 per company
- Note: It may be more beneficial for companies to explore Pure Michigan Business Connect (PMBC) Emergency Access and Retooling grants first, as more money and expanded eligibility is associated with that program
Startup Survival Assistance For Existing LEAP BAF Clients – applications accepted through December 31, 2020
Discretionary funds for high-tech companies whose survival is in jeopardy directly due to COVID-19
- Limited funds are available and will be used for companies who are most distressed
- Applicants must be existing LEAP BAF clients
- Funds cannot be used for compensation or physical assets
If you have further questions, please contact Joe Carr, director of entrepreneurship and innovation at LEAP, at firstname.lastname@example.org or 517.702.3387 x 206.