Local businesses hit hard by the COVID-19 pandemic and its economic aftershocks have a new grant opportunity to start preparing for as the Michigan Economic Development Corporation announces a new round of grants in its COVID-19 relief and recovery efforts.
The Michigan Strategic Fund recently approved a $10 million grant program to assist those small businesses disproportionately hit hard by COVID-19 and the economy.
Beginning Tuesday, Dec. 15, Blue Water small businesses will be able to begin applying for the grants, which will be awarded in amounts of up to $15,000. St. Clair County businesses will have access to a pool of $850,000 split between seven Michigan counties.
Timeliness and preparedness appears key. The MEDC says that the grants will be available to eligible businesses on a “first-in” basis.
“Our priority continues to be focused on getting critically needed relief into the hands of those businesses that need it most,” says MEDC CEO Mark A. Burton.
“The Pure Michigan Small Business Relief Initiative, along with our ‘Support Local’ campaign, builds on our commitment to getting funds to small businesses across Michigan and creating a strong foundation for the success of Michigan’s workers and economy.”
Eligible businesses must be in the following industries: Restaurants, bars, and other food and beverage service providers; travel and tourism destinations including lodging providers; live event venues and movie theaters; conference and meeting facilities; ice skating rinks, indoor water parks, and bowling centers; and gyms and fitness centers.
Some of the eligibility requirements include being able to identify a need for payroll, rent, or mortgage payments, and/or utility expenses necessary to continue or restart business operations and have at least two employees (including the owner) but fewer than 50. A full set of criteria is available online.
The $10 million is made available through the federal CARES Act.
“By putting this federal funding to work, we can provide immediate assistance to those businesses hardest-hit by the pandemic,” says Governor Gretchen Whitmer.
“As we continue fighting the COVID-19 pandemic, I will continue to listen to medical experts and do everything in my power to protect our families, frontline workers, and small businesses.”
Visit the MEDC online for more information about the grants and the application process.
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