Michigan Small Business Relief Program - Emil Rummel Agency - Michigan Insurance Specialists Skip to main content

Michigan Small Business Relief Program

By March 27, 2020 April 13th, 2020 Personal Insurance

Michigan Small Business Relief Program

On March 19th, the Michigan Strategic Fund approved the Michigan Small Business Relief Program to support businesses most impacted by the COVID-19 outbreak. Through this program, Saginaw Future Inc. has received funding in order to provide up to $10,000 to small businesses in our community that has realized a significant hardship as a result of the COVID-19 outbreak, although with very limited funds, grants will likely range from $1,000 to $5,000. In addition, up to $10 million in small business loans are available through the Michigan Economic Development Organization (MEDC).

Small Business Relief Program: Grants

Eligible businesses include:

A company in an industry outlined in Executive Order 2020-20, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following:

  • Provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the EO and requires additional employees to support companies or employees impacted by EO;
  • The company had 50 employees or less as of March 16th, 2020 ;
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business; and
  • The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.
  • The company needs to demonstrate that it was profitable prior to March 16, 2020.

The grants received must be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.

Small Business Relief Program: Loans

Eligible businesses include:

  • The company is an industry outlined in Executive Order 2020-20, or demonstrates it is otherwise affected by the COVID-19 outbreak or is a company that provides goods and services to companies to the aforementioned;
  • The company has fewer than 100 employees as of March 16th, 2020;
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;
  • The company can demonstrate that it is unable to access credit through alternative sources;
  • The company can demonstrate an income loss as a result of Executive Order 2020-20.
  • The company needs to demonstrate that it was profitable prior to March 16, 2020.

The loans received may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.

We encourage your organization to help spread the word about this opportunity to businesses that would qualify. The application window will open on Friday, March 27th and close on Wednesday, April 1, 2020 at 5 pm EST. Businesses interested in applying can do so here:

https://form.jotform.com/200847960210147

Applications will be reviewed by a team of regional partners, including representation from the economic development organizations representing Arenac, Bay, Midland, and Saginaw Counties, along with the Mid-Michigan Small Business Development Center at SVSU. The review process will begin on April 1st, and all decisions regarding grants will be announced by April 6th, 2020 at 5 pm EST.

Businesses that qualify for a small business loan will have their applications submitted to the MEDC for further review.

A fact sheet on the program outlining details of both the grant and loan options can be found here https://drive.google.com/file/d/1v0ryhlZkrwRaDj6zaBXmZXvirCml7ENE/view?usp=sharing

If you have any questions, please contact questions@saginawfuture.com or Cassi Miller at 989-717-4045 for assistance.

Established in 1992, Saginaw Future Inc. (SFI) is a public-private alliance of local businesses, the County of Saginaw, City of Saginaw, 16 local municipalities and the Saginaw County Chamber of Commerce. SFI’s strategic partners also include education, labor and government. Since its beginning, SFI has remained dedicated to fostering quality job creation through expansion of local industry and attraction of new business projects to the community. www.SaginawFuture.com

 

Saginaw Future Inc.

515 N. Washington Ave., 3rd Floor

Saginaw, MI 48607 US