Michigan Small Business Relief Program

On March 19th, the Michigan Strategic Fund approved the Michigan Small Business Relief Program to support businesses most impacted by the COVID-19 outbreak. Through this program, the Midland Business Alliance has received funding in order to provide up to $10,000 to small businesses in our community that have realized a significant hardship as a result of the COVID-19 outbreak. In addition, up to $10 million in small business loans are available through the Michigan Economic Development Organization (MEDC).

Questions? Here is a Q & A on the program.

Small Business Relief Program: Grants

Eligible businesses include:

  • A company in an industry outlined in Executive Order 2020-20, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following:
    • Provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the EO and requires additional employees to support companies or employees impacted by EO;
  • The company has 50 employees or less;
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business; and
  • The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.

The grants received 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.

Small Business Relief Program: Loans 

Eligible businesses include:

  • The company is an industry outlined in Executive Order 2020-20, or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;
  • The company has fewer than 100 employees;
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;
  • The company can demonstrate that it is unable to access credit through alternative sources;
  • The company can demonstrate that it is unable to access credit through alternative sources;
  • The company can demonstrate an income loss as a result of Executive Order 2020-20.

The loans received 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.

Businesses interested in applying can do so here.

Applications will be reviewed by a team of regional partners, including representation from the economic development organizations representing Arenac, Bay, Midland and Saginaw Counties along with the Michigan Small Business Development Center (SBDC). The review process will begin April 2nd, and all decisions regarding grants will be announced the week of April 6th, 2020. Limited grant funds are available starting at $1,000.

Businesses that qualify for a small business loan will have their applications submitted to the MEDC for further review.

A fact sheet on the program outlining details of both the grant and loan options can be downloaded here.

If you have any questions, please email nwilson@MBAmi.org or call (989) 839-9901.