Economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus has gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation has announced. The Michigan Small Business Relief Program authorizes the MEDC to provide up to $20 million in support for small businesses. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. The $10 million in grant funding will be provided to local or nonprofit economic development organizations throughout the state to provide grants up to $10,000 each to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 virus with certain criteria to qualify. Additionally, the program will authorize the MEDC to provide up to $10 million for small business loans with flexible repayment terms to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak with specific criteria also applying. The Michigan Small Business Relief Program will be a top priority for the MEDC, with funds being available no later than April 1. For more information and resources for small businesses in Michigan impacted by COVID-1 visit michiganbusiness.org/covid19. The Economic Development Alliance of St. Clair County also has resources on its website at edascc.com
