LANSING, Mich. — The Michigan Strategic Fund has approved a $100 million program that will give grants to small businesses around the state due to impacts from COVID-19, according to a press release sent to News 10.
“The COVID-19 virus has especially impacted Michigan’s food and agriculture sector. This investment will provide critical resources to ensure the safety of Michigan’s food production industry and its workforce,” said Governor Gretchen Whitmer. “We can further our economic recovery in Michigan by putting federal dollars through the CARES Act to work for the people and business across our state through efforts like these grants to farms and food processors.”
The state has allocated $100 million of federal CARES Act funding through legislation signed by Governor Gretchen Whitmer last week to start the Michigan Small Business Restart Program to support small businesses that are reopening and have experienced a loss of income during the crisis, according to the news release.
On Tuesday, the Michigan Strategic Fund authorized funding across 15 local or nonprofit economic development organizations “covering all 83 counties in the state to providing a base amount of $3.5 million for economic development organizations for grants up to $20,000 each to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 virus,” the news release said.
These are the participating economic development organizations:
· InvestUP – $4,545,455
· Networks Northwest – $4,545,455
· Otsego County Economic Alliance – $3,500,000
· Target Alpena – $3,500,000
· The Right Place – $9,545,455
· Lakeshore Advantage – $3,500,000
· Middle Michigan Development Corporation – $3,500,000
· Saginaw Future – $3,545,455
· Flint & Genesee Chamber – $8,045,455
· Lansing Area Economic Partnership – $5,545,455
· Southwest Michigan First – $7,545,455
· Ann Arbor Spark – $8,545,455
· Oakland County – $11,045,455
· Macomb County – $7,545,455
· Detroit Economic Growth Corporation – $15,545,450
The news release said the application will be live beginning Wednesday, July 15 through Wednesday, Aug. 5. You can find the application here.
To qualify for support, the state says the following criteria must be met:
· Is a business or nonprofit that can demonstrate it is affected by the COVID-19 emergency
· Needs working capital to support eligible expenses
· Demonstrates an income loss as a result of the COVID-19 emergency
· Has not received a grant through the Michigan Strategic Fund’s Michigan Small Business Relief Program. Businesses who have received support through other COVID-19 relief programs, including the Michigan Small Business Relief Program loans, are eligible to apply for Restart grants.
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