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MEDC Small Business Services MEDC's support of new and existing main street businesses, as well as the local entrepreneurial ecosystem, assists cultivate an encouraging business environment and supplies tools and resources that are available statewide to assist in small company success.
We use 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 strategize for future growth.
The Michigan Strategic Fund approved a $100 million program on July 7 that will supply grants to small companies around Michigan working to recuperate from the ongoing impacts of the COVID-19 virus, the Michigan Economic Advancement Corporation revealed. "The COVID-19 infection has actually particularly impacted Michigan's food and farming sector - business michigan sterling heights. This financial investment will offer crucial resources to ensure the security of Michigan's food production market and its workforce," said Guv Gretchen Whitmer.
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On July 7, The Michigan Strategic Fund authorized distribution of the funding throughout 15 regional or not-for-profit financial development organizations (EDOs) covering all 83 counties in the state to providing a base quantity of $3.5 million per EDO for grants approximately $20,000 each to support specific small companies that have understood a substantial monetary difficulty as a result of the COVID-19 infection. business michigan sterling heights.
Funds can be utilized as working capital to support payroll expenses, rent, home mortgage payments, utility costs or other comparable expenses. To certify for grant assistance, companies need to meet the following criteria, based upon statutory requirements for the program: Is a business or nonprofit that can show it is affected by the COVID-19 emergency Requirements working capital to support qualified expenses Demonstrates an earnings loss as result of the COVID-19 emergency Has actually not gotten a grant through the Michigan Strategic Fund's Michigan Small Business 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 businesses. 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 considerable financial effects, consisting of challenges with capital and resources to support their labor force," stated MEDC CEO Mark A. small business michigan sterling heights.
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" The Michigan Small Service Restart program, integrated with other Michigan Strategic Fund programs and services as well as local and federal financial advancement assistance, will enable small companies throughout the state to resolve the short-term impacts of the COVID-19 crisis while looking ahead to the long-lasting financial healing needs 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 fundamental part of the economic healing of small company in Michigan," stated Brian Calley, President of the Small Business 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 including resolving local EDOs to guarantee 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.