MICHIGAN – Michigan’s small companies impacted by the COVID-19 virus can now apply for grants and loans by means of the Michigan Small Enterprise Reduction Program, the Michigan Financial Improvement Company introduced Friday.
This system will present as much as $20 million in grants and loans to supply financial help to Michigan’s small companies which were negatively impacted by the COVID-19 virus, and in flip assist assist staff and their households dealing with financial uncertainty throughout the outbreak. Data on the best way to apply, in addition to eligibility standards, is obtainable at www.michiganbusiness.org/covid19.
“Small companies throughout our state are dealing with unprecedented challenges as we take each step doable to mitigate the unfold of coronavirus,” stated Michigan Gov. Gretchen Whitmer. “With this funding, we are able to present actual help to assist our companies, communities, entrepreneurs and staff across the state impacted by the powerful, however obligatory actions we’re taking to mitigate the unfold of this virus.”
The grants and loans underneath the Michigan Small Enterprise Reduction Program will assist companies dealing with drastic reductions in money circulate and the continued assist of their workforce and could also be used for working capital to assist payroll bills, hire, mortgage funds, utility bills, or different comparable bills that happen within the atypical course of enterprise.
Key data to know concerning the utility course of contains:
- There may be one utility, no matter whether or not a enterprise is making use of for a grant or a mortgage. A enterprise could obtain a grant or a mortgage, however not each.
- Companies who don’t obtain grants should still be thought-about for loans.
- The grants will likely be administrated by 15 regional financial improvement organizations all through the state, which mixed cowl all 83 counties in Michigan.
- All functions or suggestions for Michigan Small Enterprise Reduction Program loans will likely be referred from the accomplice EDOs to the MEDC for analysis and disbursement.
- Companies ought to go to https://www.michiganbusiness.org/covid19/ to use.
The Michigan Small Enterprise Reduction Program grants, licensed by the Michigan Strategic Fund on March 19, will likely be administered by 15 native and nonprofit financial improvement organizations (EDOs) round Michigan, overlaying all 83 counties within the state. These EDOs are answerable for reviewing functions of small companies of their area and coming into into agreements with eligible small companies. Every EDO will set up a assessment committee which will embrace representatives from native workforce businesses, native SBDC representatives, enterprise and nonprofit leaders, amongst others. The total record of EDOs administering Michigan Small Enterprise Reduction grants and the counties they may serve is under.
Native and nonprofit EDOs throughout Michigan utilized for the grant funds and had been chosen based mostly on capability to manage this system and guarantee protection to small companies in all 83 counties in Michigan.
The $10 million in loans by means of the Michigan Small Enterprise Reduction Program will likely be referred to the MEDC from the native EDO companions the place it is going to be reviewed by a mortgage assessment committee together with the Chief Enterprise Improvement Officer and Senior Vice President of Enterprise Improvement Tasks. All loans made by means of the Michigan Small Enterprise Reduction Program will likely be accredited by means of Michigan Strategic Fund delegated authority.
“We all know small companies throughout the state are struggling proper now, and we’re leveraging each useful resource out there to supply reduction within the face of those difficult financial circumstances,” stated MEDC CEO Mark A. Burton. “The Michigan Small Enterprise Reduction Program will present fast help to assist the well being and sustainability of the state’s small companies, communities and residents.”
The MEDC anticipates that a minimum of 1,100 companies throughout the state will profit from this program.
Along with the Michigan Small Enterprise Reduction Program, michiganbusiness.org/covid19 additionally options different assets for companies throughout Michigan to help them in recovering from financial losses because of the COVID-19 virus.
This contains U.S. Small Enterprise Administration emergency loans, the Pure Michigan Enterprise Join digital procurement and donation platform, assist providers provided by means of the SBDC and extra. The MEDC has additionally developed a FAQ for Michigan companies and communities at michiganbusiness.org/covid19-faq.
Data round this outbreak is altering quickly. The most recent data is obtainable at Michigan.gov/Coronavirus and CDC.gov/Coronavirus.
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