Michigan Business Beat | Kim Bode, Year 2 -Statewide Program for Second-Stage Women-Owned Businesses

Chris Holman welcomes back Kim Bode, Dog rescuer, community advocate, and proud Michigan business owner, 8THIRTY FOUR Integrated Communications, Grand Rapids, MI. Welcome back Kim, the fellowship you shared about a couple times in the past year is back for a second, tell us about it? SBAM designed the Women’s Entrepreneurial Fellowship specifically for second-stage businesses—why is this growth stage such a critical point for women entrepreneurs? Access to capital remains a major barrier, with women receiving significantly smaller loans and less venture funding—how does the fellowship help bridge that gap? The program emphasizes customized mentorship and peer networking. What measurable impacts did you see from the first cohort, and how will those lessons shape this next one? Michigan women own over 44% of small businesses—how does the fellowship leverage SBAM’s statewide network to amplify their economic impact? For companies generating $500,000–$1 million in revenue, what key challenges are you seeing most often, and how does the fellowship address them differently than traditional programs? How can they apply? » Visit MBN website: www.michiganbusinessnetwork.com/ » Subscribe to MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/ The Small Business Association of Michigan Expands Statewide Program for Second-stage Women-owned Businesses The Women’s Entrepreneurial Fellowship opens applications for a fall cohort to address resources, support, and funding gaps for Michigan women entrepreneurs. The Small Business Association of Michigan, through the SBAM Foundation, is accepting applications for the second cohort of the Women's Entrepreneurial Fellowship (WEF), the state's only comprehensive program designed specifically for women-owned businesses that have moved beyond the startup phase. Following the success of its inaugural class, the program will expand to serve 15 participants, with applications due mid-September and programming beginning late fall. "Michigan women entrepreneurs bring bold ideas and unstoppable determination, but too often they lack access to the mentorship and networks that can accelerate their success," said Amy Rencher, Senior Vice President, Small Business & Talent at the Michigan Economic Development Corporation (MEDC). "This unique fellowship program closes that gap, fueling connections with experienced leaders who can open doors, share hard-earned wisdom, and help turn vision into thriving businesses that strengthen our communities and our economy." The fellowship addresses documented disparities that create significant economic opportunity gaps. According to the Wells Fargo 2025 Impact of Women-Owned Businesses Report, if women-owned businesses achieved the same average revenue as men-owned businesses, the U.S. economy would see an additional $10.2 trillion in revenue annually. In Michigan, women own 44.2% of small businesses—902,131 enterprises—yet they receive loans 50% smaller than their male counterparts. Only 2.3% of venture capital reaches women-led firms, while nearly 1 in 3 female entrepreneurs report experiencing sexism as business owners.