Midland County to Receive Portion of $3.5 Million Awarded for Regional Small Businesses
In response to the economic impact of COVID-19, the State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan businesses directly impacted by COVID-19. Midland County will receive a part of $3,545,455 distributed to the counties of Region 5, including Arenac, Bay, Midland and Saginaw.
The Michigan Strategic Fund authorized distribution of the funding across 15 local or nonprofit economic development organizations (EDOs) covering all 83 counties in the state to providing a base amount of $3.5 million per EDO 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 economic impact of COVID-19 continues to hurt small businesses not only across the nation but right here in our community,” said Tony Stamas, President and CEO of the MBA. “The Michigan Small Business Restart Program will help get them the funding they need to get through these hard times and will help rebuild our local economy.”
Applications are now open and will be accepted through 11:59 p.m. on August 5. The MBA and a local team of reviewers will review and recommend distribution of these grant funds for qualifying businesses in Midland County. Funds can be used as working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses.
This is not a first-come-first-served grant process. All applications will be reviewed following the closure of the acceptance period on August 5. Local award recipients will be notified no later than September 30.
- 50 or fewer employees, worldwide, located in Michigan
- 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 result of the COVID-19 emergency
- 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.
- At least 30 percent of the funds awarded will be awarded to women-owned, minority-owned, or veteran-owned eligible businesses.
Businesses interested in applying can do so by visiting the MEDC website: www.michiganbusiness.org/restart/; Midland County businesses that have questions or need assistance in applying can contact Nicole Wilson, Vice President of Economic Development at email@example.com.