LANSING, Mich. — Working in partnership with nine local economic development organizations, the Michigan Economic Development Corporation has awarded $4.35 million to 74 small businesses in 40 counties across Michigan in the first round of low-interest loans awarded through the Michigan Small Business Relief Program, MEDC announced Thursday.
Thursday's support builds on $10 million in grants awarded to more than 2,700 businesses through the program last month.
“This is good news for small business owners everywhere as we continue to safely re-engage sectors of our economy,” said Gov. Gretchen Whitmer. “The COVID-19 pandemic hit our small business owners hard, and we’re working around the clock to ensure they have the support they need moving forward. That means ensuring they can pay their employees and provide them with the PPE they need to keep themselves, their families, and the heroes on the front lines safe. I will continue to work with partners at the state and federal level to ensure our small business owners can get back on their feet.”
The Michigan Small Business Relief program was authorized by the Michigan Strategic Fund to provide relief for small businesses negatively impacted by the COVID-19 crisis. Loans through the program are intended to support small businesses facing drastic reductions in cash flow and the continued support of their workforce and 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.
Summary of loans allocated by local economic development organizations:
“The Michigan Small Business Relief Program loans are intended to provide critical capital to support the health and sustainability of the state’s small businesses, communities and workforce,” said MEDC CEO Mark A. Burton. “By collaborating with our local economic development partners, we are able to deliver vital financial resources to small businesses all across Michigan as they work to recover from the loss of revenue as a result of the COVID-19 virus.”
In addition to the $10 million in loan funds, the Michigan Strategic Fund also approved $10 million in Michigan Small Business Relief Program grants which were administered by 15 local and nonprofit economic development organizations (EDOs) around Michigan. The EDOs were selected through a competitive process based on capacity to administer the program and ensure coverage to small businesses in all 83 counties in Michigan.
The full list of businesses receiving loans so far through the Michigan Small Business Relief Program is available at michiganbusiness.org/msbrp.
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