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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 supportive business climate and provides tools and resources that are accessible statewide to aid in little organisation success.
We provide the following services to growing organisations: tactical preparation, monetary analysis, basic service consulting and more. The SBDC's Growth Team focuses on serving entrepreneurs looking to broaden or shift their existing organisation. Our experts can assist you plan for future development.
The Michigan Strategic Fund approved a $100 million program on July 7 that will provide grants to small businesses around Michigan working to recuperate from the continuous impacts of the COVID-19 virus, the Michigan Economic Development Corporation revealed. "The COVID-19 infection has actually particularly impacted Michigan's food and agriculture sector - small business michigan sterling heights. This financial investment will offer vital resources to ensure the safety of Michigan's food production market and its labor force," said Governor Gretchen Whitmer.
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On July 7, The Michigan Strategic Fund licensed circulation of the funding across 15 local or nonprofit economic development organizations (EDOs) covering all 83 counties in the state to offering a base amount of $3.5 million per EDO for grants as much as $20,000 each to support specific small companies that have actually recognized a considerable financial hardship as a result of the COVID-19 virus. small business michigan sterling heights.
Funds can be utilized as working capital to support payroll costs, rent, home loan payments, energy expenses or other comparable expenses. To receive grant support, services need to meet the following requirements, based on statutory requirements for the program: Is a service or not-for-profit that can demonstrate it is affected by the COVID-19 emergency situation Needs working capital to support eligible expenditures Demonstrates an income loss as outcome of the COVID-19 emergency situation Has not gotten a grant through the Michigan Strategic Fund's Michigan Small company Relief Program.
Furthermore, a minimum of 30 percent of the funds granted under the program must be offered to women-owned, minority-owned or veteran-owned qualified organisations. The MEDC anticipates that more than 5,000 services throughout the state will benefit from this program. "With the outbreak of COVID-19, numerous small companies have been faced with substantial financial impacts, including difficulties with capital and resources to support their labor force," said MEDC CEO Mark A. business michigan sterling heights.
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" The Michigan Small company Restart program, combined with other Michigan Strategic Fund programs and services along with regional and federal economic development assistance, will make it possible for small companies throughout the state to attend to the short-term effects of the COVID-19 crisis while looking ahead to the long-term economic healing requirements of the state." Per statutory requirements, a 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 supplied under the program.
" The Michigan Small company Restart grants will be a vital part of the financial recovery of small company in Michigan," said Brian Calley, President of the Small Organisation Association of Michigan, "This program leverages federal dollars to bring relief to entrepreneurs dealing with the effects of this worldwide pandemic in a thoughtful method including resolving regional EDOs to guarantee resources are dispersed in the most equitable and efficient method for each region in the state." The Michigan Small Service 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 services affected by the COVID-19 crisis.