BATTLE CREEK, MI (WKZO AM/FM) – Monday, Lt. Governor Garlin Gilchrist II spoke with a series of small business owners, small manufacturers and advocacy organizations in Battle Creek as part of the ongoing MI Small Business Summer tour.
Gilchrist says these events are bringing together small business owners, advocates, support organizations and lenders as part of a statewide effort to inform a comprehensive strategy for small business investment in Michigan, with today’s summit focused on future-proofing the manufacturing sector.
“Ensuring our manufacturers are positioned to grow and create good jobs across Michigan is critical as we move into a state of recovery and growth following the pandemic,” Gilchrist said. “Through important conversations like those happening today with manufacturers, we can determine how to invest billions of critical federal dollars in support of all small businesses and manufacturers throughout Michigan.”
With additional state revenues expected following May’s Consensus Revenue Estimating Conference and incoming federal funding that includes $2 billion in remaining CARES Act funding, nearly $6.5 billion in flexible funding through the American Rescue Plan (ARP) and $176 million in federal State Small Business Credit Initiative (SSBCI) funds, Gilchrist says Michigan is in a strong position to make investments that can transform the landscape for small businesses and small manufacturers to help both residents and businesses recover from the pandemic as part of the administration’s Economic Jumpstart Plan.
Gilchrist says today’s summit in Battle Creek builds on the efforts of last month’s virtual Small Business Summit hosted by the Department of Labor and Economic Opportunity and the Michigan Economic Development Corporation (MEDC), to inform a comprehensive strategy for small business investment in Michigan.
“After the challenges and setbacks our workforce faced during the pandemic, these conversations will help guide our efforts as we address the unique needs of businesses like those in the manufacturing industry,” acting director of LEO Susan Corbin said. “By working together and bringing a diverse set a voices across our state, we can continue to jumpstart the economy and build Michigan back better.”
According to the World Economic Forum’s Future of Jobs Survey, just over 80% of business leaders surveyed plan to accelerate the automation of their work processes, with half of those businesses planning to speed up the automation of jobs within their companies.
For both the automotive industry and the manufacturing industry, Gilchrist says the greatest barriers to adopting new technologies is the growing need to attract highly skilled talent.
The manufacturing industry, specifically, faces a significant skills gap; between now and 2030, manufacturers will need to fill 4 million jobs – over half of which could go unfilled if the current workforce is not retrained in response to the growth of automation.
In Michigan, specifically, nearly 42% of Michigan’s current labor force could be impacted by the advent of new Industry 4.0 technologies.
“We commend Governor Whitmer and Lieutenant Governor Gilchrist for proactively seeking input from manufacturers on the best tools to support them in driving Michigan’s economic recovery,” President and CEO of the Michigan Manufacturers Association John J. Walsh said. “While the needs of each manufacturer is unique, it is clear that the future success of our industry depends on people and technology. Resources to support rapid adoption of advanced manufacturing technologies and skill development for in-demand talent will be critical to keeping Michigan competitive in the global economy.”
The administration is continuing to hold regional and topical small business summits throughout the summer as part of the MI Small Business Summer Tour to explore the findings from the initial virtual summit – and the emerging trends following the pandemic – in greater detail as the state works to effectively leverage the total funding available.
For more information on the small business summits and support for small businesses, readers can visit www.michigan.gov/
