More than 2,700 businesses around state awarded total of $10 million in Michigan Small Business Relief Program grants
More than 2,700 small businesses around Michigan have been awarded a total of $10 million in grants by local economic development organizations through the Michigan Small Business Relief Program, the Michigan Economic Development Corporation announced yesterday. The program was launched to provide relief for small businesses that have been negatively impacted by the COVID-19 crisis.The grants under the Michigan Small Business Relief Program are intended to support businesses facing drastic reductions in cash flow and the continued support of their workforce and may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.The Michigan Small Business Relief Program grants, authorized by the Michigan Strategic Fund on March 19, were administered by 15 local and nonprofit economic development organizations (EDOs) around Michigan. The EDOs were selected through a competitive process based on capacity to administer the program and ensure coverage to small businesses in all 83 counties in Michigan.Selected EDOs were responsible for reviewing applications of small businesses in their region and ultimately determining grant awards through the program. Each EDO established a review committee that could include representatives from local workforce agencies, local SBDC representatives, business and nonprofit leaders, among others. Not all EDOs requested jobs retention numbers from applicants.The $10 million in grant funds leveraged an additional $3.185 million in matching dollars around the state through local economic development and foundation partners.To see the full list of businesses that received MSBRP grants, visit https://www.michiganbusiness.org/about-medc/covid19/small-business-relief-program/.
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