$500,000 State Grant Supports Service Industry Companies Affected By COVID-19
A $500,000 Michigan Strategic Fund Grant from the Michigan Economic Development Corporation (MEDC) will support grants to businesses in the 10 counties of Northwest Lower Michigan affected by Governor Whitmer’s Executive Order 2020-09.
That order was issued March 16, 2020 and placed temporary restrictions on the use of places of public accommodation.
The Northwest Small Business Relief Fund Collaborative consists of NetworksNorthwest, Northern LakesEconomic Alliance, Northwest Michigan Works!, Traverse Connect, Alliance for Economic Success, and Manistee Area Economic Development.
Grants up to $10,000 will be awarded to private companies impacted by Executive Order 2020-09 throughout Northwest Lower Michigan.
Due to the significant number of businesses that will be impacted and limited resources available under this program, Northwest Small Business Relief Fund Collaborative will be looking to prioritize businesses previously financially viable and now at risk of closure or unable to pay working capital expenses (i.e. rent, payroll, etc.) without immediate support.
With very limited funds, grants will likely range from $5,000 to $10,000.
In addition, up to $10 million in small business loans are available through the Michigan Economic Development Organization (MEDC).
Small Business Relief Program: Grants
Eligible businesses include:
A company in an industry outlined in ExecutiveOrder 2020-20, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following:
The grants received must be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
Small Business Relief Program: Loans
Eligible businesses include:
The loans received may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
Matt McCauley, CEO of Networks Northwest stated, “The economic and social disruption associated with the COVID-19 outbreak is having significant effects on businesses in Northwest Michigan. This grant and loan program will contribute to our region’s economic resiliency and eventual recovery. This program will likely provide upwards of one million dollars to businesses in this region as a means to support households and communities alike.”
We encourage your organization to help spread the word about this opportunity to businesses that would qualify. The application window will open on Friday, March 27 and close on Friday, April 3, 2020 at noon EST. The review process will begin April 7, and all decisions regarding grants will be announced by April 8, 2020. Businesses interested in applying can do so here: www.networksnorthwest.org/grants
Businesses that qualify for a small business loan will have their applications submitted to the MEDC for further review.