$100 Million in Small Business Grants Available for COVID-19 Recovery Efforts
MEDC COVID-19 Response comes in the form of Michigan Small Business Restart Program
In response to the economic impact of COVID-19, the State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan Businesses directly impacted by COVID-19. The application for businesses to apply for funding will open on July 15, 2020.
In an effort to continue to support small businesses, the Michigan Small Business Restart Program will provide funding to local economic development organizations (EDOs) who will provide grants to eligible small businesses that have been negatively impacted by COVID-19 and need working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses.
The partnering EDOs cover all 83 counties in Michigan.
Businesses and nonprofits with 50 or fewer employees, worldwide, located in Michigan who have NOT received a grant under the Michigan Small Business Relief Program (MSBRP) are eligible to apply. Businesses much also demonstrate the following:
Part of an industry or nonprofit that can demonstrate it has been impacted by the COVID-19 emergency
Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses
Demonstrates an income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF).
Additionally, at least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.
Partnering Local Economic Development Organizations The Michigan Strategic Fund approved the distribution of grant funding across 15 local or nonprofit economic development organizations (EDOs) covering all 83 counties in the state.