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As small and medium-sized businesses across the state are negatively impacted by the COVID-19 outbreak, existing programs within Capital Access provide opportunities to access financing that may not otherwise be available. Any business that has been affected by COVID-19 is eligible to receive support through the Collateral Support and Loan Participation programs.
We encourage participating lenders across the state to work with their existing business customers to consider whether these programs could offer access to critical capital, with our team standing ready to help. Available programs include:
Detroit Development Fund
Detroit Development Fund (DDF) is now accepting applications from small businesses in Detroit, Highland Park and Hamtramck to make micro and small business loans ranging from $5,000 to $250,000.
Funding is the result of a $1 million loan authorized by the Michigan Strategic Fund through the MEDC Capital Access program, and DDF expects to provide 30 to 40 loans to businesses that require patient, flexible working capital to re-open or re-establish operations as a result of the COVID-19 pandemic. For more information, visit: https://www.detroitdevelopmentfund.com/.
Initiate Business Retention Training Series
MEDC’s Capital Access Program and Community Development teams have partnered with Northern Initiatives to offer an online learning portal that gives small businesses access to valuable resources to help them grow and thrive in today’s economy. These resources cover topics such as money, marketing and management issues, and COVID-19 reopening resources.
In order to make the best use of this portal, MEDC has launched a training series for financial institutions and other resource providers who utilize the Capital Access Program. The training series will focus on how to use the portal and how to assist a small business owner in navigating the available resources.
To learn more, visit: https://www.miplace.org/small-business/training-series/.
Northern Initiatives program
The Northern Initiatives program will provide up to $2 million in loan funds to Northern Initiatives through MEDC’s Capital Access program to be used to assist businesses impacted by the COVID-19 virus.
Northern Initiatives, a Community Development Finance Institution regulated by the U.S. Department of Treasury, provides business loans to existing and start-up businesses, primarily in underserved rural markets. Due to the volume of requests, Northern Initiatives has put a temporary hold on accepting new requests and expects to reopen inquiries in mid-May. For more information, visit: https://www.michiganbusiness.org/services/access-capital/northern-great-lakes-initiatives-program/.