With the economic ripple effects still being felt across the United States, innovative solutions like stimulus check-like payments are emerging to support communities. One such initiative has been launched in Ann Arbor, Michigan, focusing on low-income business owners and entrepreneurs.
This program, “Guaranteed Income to Grow Ann Arbor,” aims to bolster local businesses and foster economic growth through regular financial support.
Michigan’s Guaranteed Income Program
The “Guaranteed Income to Grow Ann Arbor” program is specifically designed to assist low-income entrepreneurs, small business owners, and gig workers.
This initiative is led by the Poverty Solutions team from the University of Michigan and began disbursing funds in early 2024. The primary goal is to provide consistent financial aid to 100 selected participants, who will receive $528 monthly for 24 months.
Amount
Each participant receives $528 monthly. This monthly support is crucial for helping recipients cover essential expenses, invest in their businesses, and contribute to the local economy.
Timeline
The payments are scheduled for the 15th of each month. If the date falls on a weekend or holiday, the payment date may be adjusted accordingly. This ensures recipients have predictable and reliable financial support.
Eligibility
To qualify for this program, applicants must meet specific criteria. They must:
- Be at least 18 years old
- Be actively employed in small businesses or similar jobs
- Have an income at or below 225% of the federal poverty threshold
Priority is given to individuals earning less than 225% of the federal poverty line, ensuring those most in need receive assistance.
Duration
The program will continue until the end of 2025, providing two years of support to selected participants. Kristin Seefeldt, the Associate Director of Poverty Solutions, emphasized the importance of evaluating the program’s impact.
By studying both funded and unfunded participants, the program aims to gather insights that could benefit other communities considering similar initiatives.
Application Process
The application window for the Guaranteed Income to Grow Ann Arbor program opens from October 2-13, 2023. The application process is straightforward and designed to be accessible. Interested applicants must:
- Live in Ann Arbor
- Be at least 18 years old
- Have an income at or below 225% of the federal poverty line
Eligible applicants include entrepreneurs, small business owners, independent contractors, gig workers, and those providing paid services informally.
After the application window closes, 100 eligible applicants will be randomly selected to receive the monthly payments.
An additional 100 applicants will participate in the research study without receiving payments.
Research Component
The research aspect of this program is integral to its success. Funded and unfunded participants are vital to the study, which aims to assess the program’s impact on the community.
Recipients can use the funds without restrictions but are required to complete surveys throughout the pilot. This data will help evaluate the program’s effectiveness and provide valuable insights for similar initiatives nationwide.
Support and Resources
The program’s official website, GIG A2 (giga2.org), offers detailed information on eligibility and the application process.
Additionally, in-person sessions will be available to help applicants understand the program and complete their applications.
In conclusion, the “Guaranteed Income to Grow Ann Arbor” program represents a significant step toward supporting low-income entrepreneurs and fostering economic growth in the community.
By providing consistent financial support and conducting comprehensive research, this initiative aims to create a model that can inspire similar efforts across the country.
FAQs
How much money will participants receive monthly?
Participants will receive $528 each month.
Who is eligible for the program?
Low-income entrepreneurs, small business owners, gig workers, and side hustlers in Ann Arbor.
When are applications open?
Applications are open from October 2-13, 2023.
How long will the program run?
The program will run for two years, ending in 2025.
Are there any restrictions on how the funds can be used?
No, recipients can use the funds without restrictions.
