Michigan Entrepreneur Resilience Fund supports 94 small businesses
LANSING, Mich. (WILX) - The Michigan Entrepreneur Resilience Fund (MERF) has assisted 94 small businesses with recovery support. In fact, businesses have received a total of $565,750.
In conjunction with Michigan Economic Development Corporation (MEDC), the Michigan Women Forward (MWF) launched the fund in May after witnessing entrepreneurs and small business owners be negatively affected by COVID-19. 113 microloans and grants were processed and administered to Michigan small business owners.
The following fund recipients are from the Greater Lansing area:
- Champion Driving Schools Inc., Jackson
- Remedi Spa Wellness, East Lansing
- Wheel House Studio LLC, Lansing
Funds can contribute towards expense management, rent, payroll, and inventory. The fund can also help accelerate business growth and expansion.
Many businesses have seen upward mobility through receiving financial support; having opportunities to finance renovation, online re-branding, and overall business restructuring.
The breakdown of the funding support includes $500,000 from MEDC and $500,000 from Michigan Women Forward’s SBA microlending funds. Partners such as Consumers Energy Foundation, the New Economy Initiative, General Motors Corporation, Fifth Third Bank and Comerica Bank have contributed as well.
As of now, grant funds have been exhausted. However, any small businesses can still apply for microloans of $5,000-$10,000 if they meet specific criteria. Criteria can be found on the Michigan Entrepreneur Resilience Fund website.
Click here for more information.
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