Ann Arbor, Michigan, has launched an innovative pilot program, Guaranteed Income to Grow Ann Arbor (GIG A2), aimed at providing financial support to low-income entrepreneurs and small business owners.
This initiative offers $528 monthly to 100 selected beneficiaries for two years, aiming to meet immediate financial needs and boost the local economy.
Eligibility
To qualify for GIG A2, applicants must reside in Ann Arbor.
Age and Income
Applicants must be 18 years or older and earn no more than 225% of the federal poverty level.
Entrepreneurial Engagement
Participants must be engaged in entrepreneurship or gig-related work. This targeted approach ensures support goes to those actively contributing to the local economy.
Impact Assessment
The program collaborates with the University of Michigan’s Poverty Solutions for a thorough impact assessment. The research includes 100 beneficiaries and an additional 100 individuals who will receive a small fee for participating in surveys and interviews.
Incentives
Participants in the research are incentivized with $50 for each completed survey or interview. This encourages active participation, providing valuable data on the program’s impact.
Funding and Support
The GIG A2 program is funded by federal and local governments, with $1.6 million allocated from the Federal American Rescue Plan Act for the 24-month pilot.
Community Foundation
The Ann Arbor Area Community Foundation supports the initiative, reflecting strong community backing and recognition of the program’s importance.
Program Benefits
GIG A2 offers a financial safety net for low-income entrepreneurs, helping them meet basic needs and stabilize their businesses.
Economic Investment
This program is an investment in Ann Arbor’s future, promoting economic development and community stability by supporting local businesses.
GIG A2 is a progressive policy aimed at combating poverty and fostering local business growth in Ann Arbor. By providing $528 monthly to 100 low-income business owners for two years, the program not only offers immediate financial relief but also invests in the city’s economic future.
The high number of applicants highlights the need for such initiatives. Over the next two years, GIG A2 could become a model for other cities facing similar economic challenges.
FAQs
Who qualifies for GIG A2?
Low-income entrepreneurs living in Ann Arbor, aged 18 or older.
What is the income limit for GIG A2?
Earnings must not exceed 225% of the federal poverty level.
How long will the payments last?
The payments will be provided monthly for two years.
How is the program funded?
The program is funded by federal and local governments, with support from the Ann Arbor Area Community Foundation.
What is the purpose of the research collaboration?
To assess the program’s impact and contribute to knowledge on guaranteed income projects.