Michigan Small Business Relief ProgramA total of 2,879 Michigan small businesses have been awarded a total of $20 million in grants and loans through the Michigan Small Business Relief Program. Launched to provide relief for small businesses that have been negatively impacted by the COVID-19 crisis, the program supports small businesses facing drastic reductions in cash flow and the continued support of their workforce.
$4.7 million in additional loans made to 71 businesses through MEDC Michigan Small Business Relief Program
MEDC has announced the second round of low-interest loans awarded through the Michigan Small Business Relief Program. MEDC worked with 15 local EDOs to award a total of 145 small businesses $10 million dollars in loans, which provide relief for businesses negatively impacted by the COVID-19 crisis.
Michigan Small Business Relief Program Grant Awards
Networks Northwest reviewed grant applications for businesses located in Emmet, Grand Traverse, Charlevoix, Antrim, Kalkaska, Missaukee, Wexford, Manistee, Benzie, and Leelanau counties.
Otsego County Economic Alliance reviewed grant applications for businesses located in Otsego, Crawford, Roscommon, Montmorency, Ogemaw, and Oscoda counties.
Target Alpena reviewed grant applications for businesses located in Iosco, Alcona, Alpena, Presque Isle, and Cheboygan counties.
The Right Place and surrounding counties reviewed applications for Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Newaygo, Oceana, and Osceola and Muskegon counties.
Lakeshore Advantage reviewed applications for business located in Allegan and Ottawa counties.
Sagiaw Future reviewed applications for businesses located in Arenac, Bay, Midland, and Saginaw counties.
Southwest Michigan First reviewed applications for businesses located in Kalamazoo, St. Joseph, Berrien, Calhoun, Van Buren, Cass, and Branch counties.
Oakland County reviewed applications for business located in Oakland county.
Macomb County reviewed application for business located in Macomb County.
About the Michigan Small Business Relief Grant Process:
The Michigan Small Business Relief Program grants is administered by 15 local and nonprofit economic development organizations (EDOs) around Michigan, covering all 83 counties in the state. These EDOs were responsible for reviewing applications of small businesses in their region and entering into agreements with eligible small businesses. Grant funds are currently being disbursed by the EDOs. If you have questions regarding your application or grant funds, please contact your local EDO.
How the Michigan Small Business Relief Loan Process Works:
In addition to the $10 million in grant funds, the Michigan Strategic Fund also approved $10 million in loans through the Michigan Small Business Relief Program that are being referred to MEDC from the local EDO partners. Loan applications are reviewed by a loan review committee, with the first phase announced on June 11, 2020 and the second phase announced on September 11, 2020. All loans made through the Michigan Small Business Relief Program will be approved through Michigan Strategic Fund delegated authority and announced as they are finalized.
MEDC Moves Swiftly in Response to COVID-19 Outbreak
When the State of Emergency was declared, the Michigan Economic Development Corporation moved swiftly to provide vital economic support to businesses, entrepreneurs, workers and communities throughout all 83 counties of the state, while enabling Michigan’s Arsenal of Innovation to support the frontlines in the fight against COVID-19.