Michigan Teams Up To Help Small Businesses Impacted By COVID-19

Entrepreneurial support organizations and the Michigan Economic Development Corporation have joined forces to help small businesses overcome loss from the COVID-19 virus.


https://businessfacilities.com/2020/03/michigan-teams-up-to-help-small-businesses-impacted-by-covid-19/
Entrepreneurial support organizations and the Michigan Economic Development Corporation have joined forces to help small businesses overcome loss from the COVID-19 virus.
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Michigan Teams Up To Help Small Businesses Impacted By COVID-19

Entrepreneurial support organizations and the Michigan Economic Development Corporation have joined forces to help small businesses overcome loss from the COVID-19 virus.

Michigan Teams Up To Help Small Businesses Impacted By COVID-19

Michigan’s small business entrepreneurial support organizations and the Michigan Economic Development Corporation (MEDC) have joined forces to ensure economic support is available to Michigan businesses to overcome anticipated loss of revenue as a result of the COVID-19 virus.

Michigan COVID-19 small business
(Credit: Getty Images/dk_photos)

“Small businesses drive the economies of our communities, and we understand that they are facing unprecedented challenges. We are committed to providing vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing,” said MEDC CEO Mark Burton. “We are working with small business organizations and partners around the state to ensure that every possible resource is made available to businesses, communities, entrepreneurs and others around the state, and we will continue to provide updates as soon as they’re available.”

On March 16, Gov. Gretchen Whitmer informed the U.S. Small Business Administration that she is seeking an Economic Injury Disaster Loan Declaration for the state and has initiated the process to receive the declaration from SBA. That application process is expected to be completed this week.

Earlier this month, Congress passed legislation that makes $1 billion available to the SBA to provide low-interest loans to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

MEDC is also encouraging businesses and communities throughout the state to learn more about its wide range of tools aimed at assisting Michigan’s small- and medium-sized businesses. In particular, the MEDC Access to Capital programs can provide greater availability of working capital during times of growth, change or economic uncertainty. To support businesses and communities during this unprecedented time, the organization will also be evaluating virtual matchmaking and other enhancements to programs such as its International Trade, Entrepreneurship and Innovation, Pure Michigan Business Connect, PlanetM and Match on Main Street  programs.

“I’m so proud to see the state’s small business resources rally together in this time of crisis. The stories we are hearing from the small businesses affected by COVID-19 are devastating,” said J.D. Collins, State Director of the Michigan Small Business Development Center. “Rest assured that the combined resources of Michigan’s small business support system are here to help.”

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