Small businesses around the state have a growing number of resources available to assist them in recovering from economic losses as a result of the COVID-19 virus.
Small businesses around the state have a growing number of resources available to assist them in recovering from economic losses as a result of the COVID-19 virus. The most recent support came from the U.S. Small Business Administration statewide Economic Injury Disaster Loan (EIDL) declaration, requested earlier this week by Gov. Gretchen Whitmer, with the support of the MEDC and Michigan Small Business Development Center.
The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that suffer substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month.
“This designation unlocks critical financial resources for small businesses across the state impacted by the tough, but necessary steps we have taken to mitigate the spread of coronavirus here in Michigan,” Whitmer said. “While access to these loans is vital, we are continuing to look at every resource available to support our businesses, communities and entrepreneurs around the state impacted by coronavirus.”
The application for disaster loan assistance is available at https://disasterloan.sba.gov/ela/. For businesses looking for more information on how to apply for an SBA EIDL loan or whether it is something they should consider, visit michiganbusiness.org/covid19.
Michigan Small Business Relief Program offers funding to businesses impacted by COVID-19
The news follows the authorization by the Michigan Strategic Fund to fund the Michigan Small Business Relief Program, which will provide more than $20 million in grants and loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The program authorizes the Michigan Economic Development Corporation to provide up to $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The MEDC anticipates that at least 1,100 businesses across the state will benefit from this program. The Michigan Small Business Relief Program will be a top priority for the MEDC, with funds being available no later than April 1, 2020.
“With the outbreak of COVID-19, many small businesses are faced with significant economic impacts, including challenges with cash flow and resources to support their workforce,” said MEDC CEO Mark A. Burton. “The Michigan Small Business Relief program will provide immediate assistance to the small businesses around the state who are facing revenue loss as a result of tough, but necessary steps that have been taken to mitigate the spread of the virus.”
Details on eligibility are available here, with additional information on how to apply coming soon.
New virtual matchmaking platform connects health and human services organizations with suppliers of critical products and services
Earlier this week, the MEDC launched a new free, statewide online procurement platform through its Pure Michigan Business Connect program for buyers and suppliers of critical health and human services across a broad range of categories to minimize the impact of the virus in the state. The platform will allow health and human service providers across Michigan in need of critical supplies to connect with vetted Michigan businesses able to provide goods and services.
Buyers that could benefit from the virtual platform include childcare facilities, community centers, educational institutions, healthcare facilities, municipalities, food distribution centers, homeless shelters, non-profits and more. Items to supply could include medical devices, pharmaceuticals, cleaning supplies, testing supplies, textiles, paper products, vitamins, water and more.
Service providers seeking access to supplies and suppliers who have items to support COVID-19 response efforts can learn more by visiting https://pmbc.connect.space/covid19/forms.
Additional Resources Available Online
Access additional resources – including procurement assistance for service providers of critical health and human services – by visiting michiganbusiness.org/covid19. The Michigan Economic Development Corporation’s call center also stands ready to support you with possible assistance through other available state programs as well by calling 888.522.0103.
Visit Michigan.gov/coronavirus to for valuable resources for Employers & Workers, to sign up for regular COVID-19 updates and to stay informed on the Governor’s latest efforts to mitigate the impact of the virus on our state’s residents and economy.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.