State Supports $1.5 Million Fund to Help Small Businesses Recover, Pivot in Response to COVID-19
The Michigan Economic Development Corporation (MEDC) partnered with Michigan Women Forward in announcing the creation of the $1.5 million Michigan Entrepreneur Resilience Fund to help entrepreneurs and small businesses negatively impacted by COVID-19 recover from the outbreak, as well as assist them in meeting increased demands in support of COVID-19 response efforts. The Michigan Entrepreneur Resilience Fund will provide recovery grants of $1,000-$5,000 and microloans of $5,000-$10,000 to small businesses who are in need and have been adversely affected by COVID-19 closures, with at least 150 businesses statewide expected to benefit. Small businesses interested in applying for support through the Michigan Entrepreneur Resilience Fund can do so now by visiting miwf.org/mwf-entrepreneur-resilience-fund. Funds awarded through the program can be used to support small businesses in managing expenses through the recovery phase, including rent, payroll, and inventory, due to the significant economic impacts of COVID-19. The fund can also advance business growth by providing working capital to assist with increased product or service demand in response to COVID-19, to allow a company to revamp their business virtually through a strengthened online presence, or to start up a company to meet a new demand as a result of COVID-19.
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