LANSING, Mich. — A program is being developed to allocate emergency relief funding for small businesses in Lansing impacted by the coronavirus outbreak.
The city announced Friday it is working with the Lansing Economic Area Partnership and the Michigan Economic Development Corporation to create a program that would allocate money proportionally for each region through a regional economic development organization.
This will include grants of up to $10,000 for small businesses with less than 50 employees, as well as low interest loans for businesses with under 100 employees, according to a news release.
Small business loans and subsidies worth up to $1 billion was made available by the U.S. Congress earlier this month.
Gov. Gretchen Whitmer also announced Thursday that the U.S. Small Business Administration approved her request for a statewide Economic Injury Disaster Loan declaration, opening the opportunity to small businesses to access low-interest loans from the SBA.
Lansing Economic Area Partnership is intending to respond as the program administrator on behalf of all small businesses and local partners throughout Clinton, Eaton and Ingham counties.
"Though there will be an application process, the sole purpose of this program is to get relief funds into the hands of business owners rapidly," Lansing Mayor Andy Schor said in the release.
LEAP is also collecting feedback online here from any small-and-midsized businesses in the tri-county area to identify the areas of most critical need, to help guide LEAP and other agencies in creating effective assistance to the local business community, the release stated.
On Monday, Gov. Gretchen Whitmer mandated temporary closures of certain small businesses.
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