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To date, more than 130 bank loan amounting to more than $8 million have actually been authorized through MSF handed over approval. The Michigan Strategic Fund today likewise approved the $15 million Michigan Agricultural Safety Grant Program to support the needs of Michigan's agricultural processors and farms. small business michigan sterling heights. The program supports the application of COVID-19 tracking and mitigation techniques to secure farming staff members and the state's total food production market.
With today's action by the MSF Board, the MEDC has actually released 17 COVID-19 relief and healing programs supporting more than 3,100 organisation in the state and assisting to maintain more than 12,400 tasks throughout all 83 counties. To get more information about MEDC's COVID-19 action programs and the effect they are having on financial healing efforts, see michiganbusiness.org/covid19response.
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The MEDC has actually also developed a Frequently Asked Question for Michigan businesses and communities at michiganbusiness.org/covid19-faq. Details around this outbreak is changing quickly (small business michigan sterling heights). The newest details is available at Michigan.gov/ Coronavirus and CDC.gov/ Coronavirus. The Michigan Economic Development Corporation is the state's marketing arm and lead supporter for organisation development, job awareness and neighborhood advancement with the focus on growing Michigan's economy.
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- Southwest Michigan First, the local financial advancement catalyst based in Kalamazoo, today announced 144 small company grant recipients from Southwest Michigan are getting allowances as part of the state's Michigan Small Organisation Relief Program. Grants might be utilized by recipients for working capital to support payroll costs, rent, mortgage payments, energy expenditures or other comparable costs that occur in the ordinary course of business.
The seven-county Southwest Michigan area got $800,000 to be administered amongst companies located throughout Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren counties. Funding allowances were based upon the concentration of eligible small businesses within each county. The typical grant award was $5,555. "The Michigan Small Service Relief Program is one of the ways we are leveraging every resource readily available to supply relief in the face of negative impacts COVID-19 is having on businesses throughout the state," said Josh Hundt, Chief Business Advancement Officer and Executive Vice President at the Michigan Economic Advancement Corporation.
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" We understand small companies throughout our state are facing unprecedented challenges as we take every action possible to alleviate the spread of COVID-19," stated Governor Gretchen Whitmer. "Through decisive actions like [these] taken by the MSF Board to license relief for small companies throughout Michigan, we are leveraging every resource available to support our businesses, neighborhoods and business owners around the state impacted by this outbreak." To administer the funds, Southwest Michigan First and agents from Foundation Alliance, Battle Creek Unlimited, Marshall Location Economic Advancement Alliance, Albion Economic Development Corporation, Market Van Buren and the City of Coldwater gathered finished applications.
" These dollars will have an immediate effect on the health of business who have actually received grants and loans. The MEDC funds likewise alleviate the concern on the companies and monetary institutions, allowing them both to designate resources in other places. small business michigan sterling heights." "Businesses in Berrien County and throughout Southwest Michigan are experiencing extraordinary difficulty because of COVID-19 and from executive procedures taken to help in reducing the spread of the virus," stated State Senator Kim LaSata, R-Bainbridge Town.