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MEDC Small Organisation Services MEDC's support of new and existing main street companies, in addition to the regional entrepreneurial community, assists promote a helpful service environment and offers tools and resources that are accessible statewide to help in small company success.
We provide the following services to growing companies: strategic planning, financial analysis, basic organisation consulting and more. The SBDC's Development Group concentrates on serving entrepreneurs wanting to expand or transition their existing business. Our experts can assist you plan for future development.
The Michigan Strategic Fund authorized a $100 million program on July 7 that will offer grants to small businesses around Michigan working to recover from the ongoing effects of the COVID-19 infection, the Michigan Economic Advancement Corporation announced. "The COVID-19 virus has actually specifically affected Michigan's food and farming sector - business michigan sterling heights. This investment will offer critical 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 across 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 particular small companies that have actually recognized a significant financial challenge as an outcome of the COVID-19 virus. small business michigan sterling heights.
Funds can be used as working capital to support payroll expenditures, rent, home loan payments, energy expenses or other similar expenditures. To get approved for grant assistance, organisations must fulfill the following requirements, based upon statutory requirements for the program: Is a business or nonprofit that can show it is impacted by the COVID-19 emergency Needs working capital to support qualified expenses Demonstrates an earnings loss as outcome of the COVID-19 emergency Has not gotten a grant through the Michigan Strategic Fund's Michigan Small company Relief Program.
Additionally, a minimum of 30 percent of the funds granted under the program must be provided to women-owned, minority-owned or veteran-owned qualified organisations. The MEDC anticipates that more than 5,000 companies throughout the state will gain from this program. "With the break out of COVID-19, many small companies have actually been confronted with significant economic impacts, consisting of obstacles with money flow and resources to support their workforce," said MEDC CEO Mark A. business michigan sterling heights.
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" The Michigan Small company Restart program, integrated with other Michigan Strategic Fund programs and services along with local and federal economic advancement assistance, will enable small services throughout the state to resolve the short-term impacts of the COVID-19 crisis while looking ahead to the long-lasting financial recovery needs of the state." Per statutory requirements, a month-to-month report will be provided to the legislature that includes a listing of grants awarded in the previous month and the name of the recipient of each grant offered under the program.
" The Michigan Small company Restart grants will be a crucial part of the economic healing of small company in Michigan," stated Brian Calley, President of the Small Company Association of Michigan, "This program leverages federal dollars to bring relief to business owners dealing with the impacts of this international pandemic in a thoughtful way consisting of 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 modeled after 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.