Great Lakes Wire

The Small Business Association of Michigan Foundation (SBAM) has launched the Women’s Entrepreneurial Fellowship (WEF) in response to challenges faced by women-owned businesses in Michigan. According to Kim Bode, who was approached by the foundation, the state presents systemic barriers to women entrepreneurs, despite their significant presence in Michigan's economy.

"Michigan’s entrepreneurial ecosystem hasn’t been delivering for women business owners. Despite representing 43.2% of the state’s 902,131 small businesses (higher than the national average), women entrepreneurs face systemic barriers at every turn – from securing capital to accessing crucial business networks," Bode stated.

Women-owned businesses face difficulties securing financial support, with only 10% obtaining small business loans and merely 2.2% of U.S. venture capital funding directed towards them. To address these issues, SBAM built a comprehensive program based on direct input from women entrepreneurs.

"We knew this fellowship couldn’t be another feel-good initiative with vague promises and no substance. These women don’t need hand-holding—they need real solutions, meaningful connections, and a program that respects their intelligence while addressing their actual challenges," Bode said.

The fellowship offers a comprehensive 8-month curriculum, one-on-one coaching sessions, and structured mentorships, designed to provide practical solutions on capital access, operational efficiency, and growth strategy.

The program's first cohort comprises experienced entrepreneurs already achieving over $1,000,000 in annual revenue with multiple employees. They include influential companies like Elderly Instruments, Pioneer Machine and Technologies, and Wolverine Pickleball.

"We didn’t just throw together some inspirational speakers and networking events... Each element was designed with intention and an unwavering focus on what actually moves the needle for these businesses," Bode elaborated.

The fellowship features a digital infrastructure, sbamwef.org, which provides resources, scheduling tools, and access to mentoring, enhancing the experience for participants.

A standout feature is monthly sessions addressing specific business challenges, such as capital access, with direct involvement from entities like PNC Bank and Northern Initiatives.

For Bode, who founded 8THIRTYFOUR Integrated Communications, the project is a personal mission to assist women facing similar hurdles in business, emphasizing authentic engagement and practical guidance.

"As we prepare for the second cohort launching in September 2025, we’re taking the lessons from this inaugural year to make the program even stronger," she noted, highlighting the continuous improvement of the fellowship for lasting impact.

Bode concludes that the Women’s Entrepreneurial Fellowship is not just transforming businesses but fostering a more inclusive entrepreneurial landscape in Michigan, setting a stage for ongoing success beyond the fellowship duration.