Michigan’s loan and grant program for small businesses affected by the coronavirus is now accepting applications, state officials announced today.
The Michigan Small Business Relief Program includes $10 million in loans and another $10 million in grants, and state officials anticipate it will benefit 1,100 businesses statewide. The funding can be used for working capital to support payroll, rent, mortgage payments, utilities or “other similar expenses that occur in the ordinary course of business,” state officials say.
“Small businesses across our state are facing unprecedented challenges as we take every step possible to mitigate the spread of coronavirus,” Gov. Gretchen Whitmer said in a statement. “With this funding, we can provide real assistance to support our businesses, communities, entrepreneurs and workers around the state impacted by the tough, but necessary actions we are taking to mitigate the spread of this virus.”
The $10 million in grants will be administered by 15 local economic development agencies covering all 83 Michigan counties. Each agency will receive a certain amount of funding to be distributed. In West Michigan, this includes:
- The Right Place Inc. ($1 million) covering Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana and Osceola counties
- Lakeshore Advantage Corp. ($300,000) covering Allegan and Ottawa Counties
- Southwest Michigan First ($800,000) covering Kalamazoo, St. Joseph, Berrien, Calhoun, Van Buren, Cass and Branch counties
The local economic development agencies will establish review committees to determine which businesses are selected for grants.
The $10 million in loans will be referred to the Michigan Economic Development Corp. from the local economic development agencies, which will be reviewed by a loan committee. All loans will be approved by the Michigan Strategic Fund.
For businesses, the process involves a single application regardless of whether it’s for a loan or a grant. Companies can receive one but not both. Businesses that don’t receive a grant may still be considered for loans.
Businesses can apply here.
News coverage in the small business section of MiBiz is made possible by advertising support from the Small Business Association of Michigan. SBAM is the statewide and state-based association that focuses solely on serving the needs of Michigan’s small business community. This advertisement has no effect on editorial consideration in MiBiz.