Nonprofits and businesses can now apply to Michigan Small Business Restart program through August 5th
LANSING, Mich. (WILX) - With Michigan small businesses and non-profits being affected by COVID-19, the Michigan Small Business Restart program is providing $100 million in economic assistance up until Wednesday, August 5th. The funding comes from the federal CARES Act and it will be distributed within 15 local and or nonprofit economic development organizations.
“The Michigan Small Business Restart Program puts federal funding to work for small businesses in Michigan hardest hit by the impact of COVID-19, helping to ensure they can keep their doors open and put critical protections in place for their workers and their customers,” said Gov. Gretchen Whitmer. “Families across the state depend on small businesses for their livelihood, and this program will build on additional COVID-19 business relief efforts offered by the MEDC to create a strong foundation for Michigan’s long-term economic recovery.”
The Lansing Economic Area Partnership is the participating economic development organization for the Mid-Michigan region. The counties who will be given support are Clinton, Eaton, and Ingham. For these counties, funding will amount to $5,545,455. Furthermore, at least 30 percent of the funds awarded under the program must be provided to women-owned, minority-owned or veteran-owned eligible businesses.
It is predicted that more than 5,000 businesses across the state will benefit from the Michigan Small Business Restart program.
“We have taken this program from words on a page to full deployment in two weeks to ensure we can start getting these funds into the hands of small businesses and nonprofits across Michigan and continue to set a path to economic recovery here in our state,” said (MEDC) Michigan Economic Development Corporation CEO Mark A. Burton. “The Michigan Small Business Restart program will provide a significant opportunity to address immediate needs of small businesses and nonprofits negatively impacted by COVID-19. Combined with other MSF programs and services, as well as local and federal economic development support, we can help ensure small businesses throughout the state to recover from the short and long-term impacts of the COVID-19 outbreak.”
At least 30 percent of the Michigan Small Business Restart funds will be awarded to women-owned, minority-owned or veteran-owned eligible businesses.
The Michigan Small Business Restart Program is modeled after the Michigan Small Business Relief Program, which was approved on March 19 by the Michigan Strategic Fund.
For more information on guidelines and eligibility criteria, click here.
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