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MEDC Small Company Services MEDC's support of new and existing main street businesses, as well as the local entrepreneurial ecosystem, helps foster a helpful service climate and offers tools and resources that are accessible statewide to aid in small company success.
We offer the following services to growing companies: strategic planning, monetary analysis, basic service consulting and more. The SBDC's Development Team focuses on serving entrepreneurs wanting to expand or shift their existing organisation. Our experts can assist you strategize for future growth.
The Michigan Strategic Fund approved a $100 million program on July 7 that will provide grants to small companies around Michigan working to recuperate from the ongoing impacts of the COVID-19 virus, the Michigan Economic Development Corporation revealed. "The COVID-19 infection has especially impacted Michigan's food and agriculture sector - small business michigan sterling heights. This investment will supply important resources to make sure the safety of Michigan's food production industry and its labor force," stated Governor Gretchen Whitmer.
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On July 7, The Michigan Strategic Fund authorized distribution of the financing throughout 15 regional or not-for-profit financial development organizations (EDOs) covering all 83 counties in the state to offering a base amount of $3.5 million per EDO for grants up to $20,000 each to support certain small organisations that have actually understood a substantial monetary difficulty as a result of the COVID-19 virus. small business michigan sterling heights.
Funds can be used as working capital to support payroll costs, lease, home loan payments, energy expenses or other comparable expenditures. To qualify for grant assistance, businesses should fulfill the following criteria, based on statutory requirements for the program: Is an organisation or nonprofit that can demonstrate it is impacted by the COVID-19 emergency situation Needs working capital to support qualified expenditures Demonstrates an income loss as outcome of the COVID-19 emergency Has actually not gotten a grant through the Michigan Strategic Fund's Michigan Small Company Relief Program.
In addition, at least 30 percent of the funds awarded under the program needs to be offered to women-owned, minority-owned or veteran-owned qualified businesses. The MEDC expects that more than 5,000 organisations across the state will benefit from this program. "With the break out of COVID-19, lots of small services have actually been faced with considerable financial effects, including challenges with capital and resources to support their labor force," said MEDC CEO Mark A. small business michigan sterling heights.
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" The Michigan Small Organisation Restart program, combined with other Michigan Strategic Fund programs and services in addition to regional and federal financial development support, will allow small companies throughout the state to address the short-term impacts of the COVID-19 crisis while expecting the long-lasting financial recovery needs of the state." Per statutory requirements, a regular monthly report will be offered to the legislature that consists of a listing of grants granted in the previous month and the name of the recipient of each grant provided under the program.
" The Michigan Small Service Restart grants will be a fundamental part of the economic healing of small service in Michigan," stated Brian Calley, President of the Small Company Association of Michigan, "This program leverages federal dollars to bring relief to business owners struggling with the impacts of this international pandemic in a thoughtful way consisting of working through local EDOs to make sure resources are dispersed in the most equitable and efficient method for each region in the state." The Michigan Small Company Restart Program authorized July 7 is imitated the Michigan Small Company Relief Program, authorized on March 19 by the Michigan Strategic Fund to support small companies affected by the COVID-19 crisis.