Small Business Restart Program offering $100M in grants - WZZM13.com

Small Business Restart Program offering $100M in grants - WZZM13.com


Small Business Restart Program offering $100M in grants - WZZM13.com

Posted: 27 Jul 2020 02:00 AM PDT

Fund distribution is being administered by 15 economic development organizations for all 83 Michigan counties.

GRAND RAPIDS, Mich. — Small businesses have until Aug. 5 to apply for a grant program that opened this month to assist with COVID-19 recovery.

The Michigan Strategic Fund (MSF) of the Michigan Economic Development Corporation (MEDC) on July 7 approved a $100 million Michigan Small Business Restart program that will provide grants to small businesses around Michigan working to recover from the ongoing impacts of COVID-19.

The state of Michigan appropriated the funds from federal CARES Act funding through SB 690, signed into law by Gov. Gretchen Whitmer on July 1.

The $100 million program includes a $15 million Michigan Agricultural Safety Grant Program to support the needs of Michigan's agricultural processors and farms. Unlike the Michigan Small Business Restart Program, the ag safety grants are first come, first served.

"The COVID-19 virus has especially impacted Michigan's food and agriculture sector. This investment will provide critical resources to ensure the safety of Michigan's food production industry and its workforce," Whitmer said. "We can further our economic recovery in Michigan by putting federal dollars through the CARES Act to work for the people and businesses across our state through efforts like these."

MSF authorized distribution of the funding across 15 local or nonprofit economic development organizations (EDOs) covering all 83 counties in the state to provide a base amount of $3.5 million per EDO for grants up to $20,000 each to support certain small businesses that have realized a significant financial hardship as a result of COVID-19.

Participating EDOs are as follows:

  • InvestUP – $4,545,455
  • Networks Northwest – $4,545,455
  • Otsego County Economic Alliance – $3,500,000
  • Target Alpena – $3,500,000
  • The Right Place – $9,545,455 (with West Michigan Hispanic Chamber of Commerce Executive Director Guillermo Cisneros and Grand Rapids Area Black Businesses President and Founder Jamiel Robinson co-chairing the committee in charge of fund distribution)
  • Lakeshore Advantage – $3,500,000
  • Middle Michigan Development Corporation – $3,500,000
  • Saginaw Future – $3,545,455
  • Flint & Genesee Chamber – $8,045,455
  • Lansing Area Economic Partnership – $5,545,455
  • Southwest Michigan First – $7,545,455
  • Ann Arbor Spark – $8,545,455
  • Oakland County – $11,045,455
  • Macomb County – $7,545,455
  • Detroit Economic Growth Corporation – $15,545,450

"This is great news for small businesses with the potential of over 160 organizations being funded in Allegan and Ottawa counties, and Lakeshore Advantage is honored to be stewards of these funds to assist in challenging times," said Jennifer Owens, president of Lakeshore Advantage. "As we work through how the program will be administered locally, we are being thoughtful of the need, the process and assembling a review committee of financial experts and business leaders."

MEDC CEO Mark Burton said he expects there will be high demand for the Michigan Small Business Restart Program grants because the list of eligible expenses will be broader than with previous grant programs, and because full reopening will not be as quick as state leaders initially thought.

"With the outbreak of COVID-19, many small businesses have been faced with significant economic impacts, including challenges with cash flow and resources to support their workforce," Burton said. "The Michigan Small Business Restart program, combined with other Michigan Strategic Fund programs and services, as well as local and federal economic development support, will enable small businesses throughout the state to address the short-term impacts of the COVID-19 crisis while looking ahead to the long-term economic recovery needs of the state."

Grant funds through the program can be used as working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses.

To qualify for grant support, businesses must meet the following criteria:

  • Business or nonprofit that can demonstrate it is affected by the COVID-19 emergency, including demonstrated income loss
  • In need of working capital to support eligible expenses
  • Has not received a grant through the Michigan Strategic Fund's Michigan Small Business Relief Program. Businesses that have received support through other COVID-19 relief programs, including the Michigan Small Business Relief Program loans, are eligible to apply for Restart grants.

Additionally, at least 30% of the funds awarded under the program must be provided to women-owned, minority-owned or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.

"MEDC has seen across the country that the impact of COVID-19 has affected certain businesses more than others, not just in terms of industry type, but also it's had a broader impact on minority- and women-owned businesses," Burton said.

"So the legislation included this provision in there … and it's a reflection of that (problem) and making sure people in all corners of our state have an opportunity with a program to the scale and scope of $100 million with grants of $20,000 or less, to make sure it's as equitable as possible in terms of seeing who will benefit from this program, because it is important we address inequities we're seeing in impact."

The Michigan Small Business Restart Program application, along with FAQs and eligibility information, is at michiganbusiness.org/restart. Applications will be accepted through Wednesday, Aug. 5. Burton said the timing of distribution of the funds likely will vary by EDO.

Per statutory requirements, a monthly 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 provided under the program. All reporting forms will also be available at michiganbusiness.org/restart.

The Michigan Small Business Restart Program is modeled after the Michigan Small Business Relief Program, approved on March 19 by the Michigan Strategic Fund to support small businesses impacted by the COVID-19 crisis.

The Michigan Small Business Relief Program consisted of a total of $20 million aimed at supporting businesses in need of immediate relief. The program included $10 million that was distributed to 15 local EDOs to provide grants up to $10,000 to certain small businesses impacted by COVID-19. Additionally, the program authorized $10 million for small business loans of not less than $50,000 and not more than $100,000 to eligible borrowers impacted by COVID-19 that were not able to seek alternative, suitable financing.

Under the Michigan Small Business Relief grant program, local EDOs selected more than 2,700 businesses across the state covering all 83 counties that received grant support expected to retain about 11,000 jobs. To date, more than 130 small business loans totaling more than $8 million have been approved through MSF.

The Michigan Strategic Fund on July 7 also approved the $15 million Michigan Agricultural Safety Grant Program, which supports the implementation of COVID-19 monitoring and mitigation strategies to protect agricultural employees and the state's overall food production industry. Peter Anastor, director of agriculture development with Michigan Department of Agriculture and Rural Development (MDARD), said entities can apply for a Michigan Small Business Restart grant or an ag safety grant, but not both. To learn more and apply for the ag safety grant, people can visit michiganbusiness.org/agsafety.

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Applications for $15,000 small business grants opens Tuesday - WDSU New Orleans

Posted: 27 Jul 2020 02:29 PM PDT

SMALL BUSINESSES IN LOUISIANA CAN GET UP TO $15,000 EACH IN GRANTS TO OFFSET CORONAVIRUS EXPENSES. THE STATE IS OPENING UP APPLICATIONS FOR THE MAIN STREET RECOVERY PROGRAM ONLINE TOMORROW FOR BUSINESSES WITH THE STOREFRONT AND FEWER THAN 50 EMPLOYEES, BUT IT'S NOT A FIRST COME FIRST SERVE FIRST SERVE PROCESS BUSINESSES THAT HAVE NOT RECEIVED. THEY CORONAVIRUS AID BEFORE WILL BE FUNDED FIRST. THAT'S ACCORDING TO THE STATE TREASURER 40 MILLION DOLLARS IS SET ASIDE FOR MINORITY VETERAN AND WOMEN-OWNED BUSINESSES. DURING THIS PANDEMIC. WE KNOW THAT OUR BUSINESSES HAVE REALLY SUFFERED GREATLY AND THIS PROGRAM MAIN STREET RECOVERY GRANT PROGRAM HAS BEEN CREATED TO GIVE THEM THE MUCH NEEDED JUST A LITTLE IN THE ARM. THEY POSTED THE LINK TO THE APPLICATION ON THE WDSU APP THE STATE TREASURER SAID THAT HE EXPECTS THE 275 MIL

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Applications for $15,000 small business grants opens Tuesday

Louisiana Main Street Recovery Program funded through CARES Act

New Orleans Mayor LaToya Cantrell and State Treasurer John Schroder announced a $275 million grant campaign Monday to offset the costs incurred by small businesses during the coronavirus pandemic. Businesses can apply for a maximum of $15,000 in funding each, starting Tuesday. The grant is intended to cover the cost of rent, utilities, payroll and equipment the business had to buy to operate during the pandemic. It's available only to small businesses with a storefront and fewer than 50 employees in Louisiana. The money comes from $1.8 billion in block grants the state received from the CARES Act. Schroder said $40 million will be set aside in the first 60 days for minority, veteran and women owned businesses in Louisiana. For the first 21 days of the program, funding will first be granted to approved applicants that have not received any funding previously. Applications open Tuesday online at www.louisianamainstreet.com. Schroeder said there are 475,000 small businesses in Louisiana and only 80,000 have received aid so far. He encouraged business owners not to wait to apply. "I wouldn't be surprised to see the applications far exceed what's available within the first week," Schroder said.In New Orleans, Cantrell said the following partners will help guide businesses through the application process: Coastal Communities Consulting, El Centro, Good Work Network, Launch NOLA, LiftFund, La Small Business Development Center and the Urban League.

New Orleans Mayor LaToya Cantrell and State Treasurer John Schroder announced a $275 million grant campaign Monday to offset the costs incurred by small businesses during the coronavirus pandemic. Businesses can apply for a maximum of $15,000 in funding each, starting Tuesday. The grant is intended to cover the cost of rent, utilities, payroll and equipment the business had to buy to operate during the pandemic. It's available only to small businesses with a storefront and fewer than 50 employees in Louisiana.

The money comes from $1.8 billion in block grants the state received from the CARES Act. Schroder said $40 million will be set aside in the first 60 days for minority, veteran and women owned businesses in Louisiana. For the first 21 days of the program, funding will first be granted to approved applicants that have not received any funding previously.

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Applications open Tuesday online at www.louisianamainstreet.com. Schroeder said there are 475,000 small businesses in Louisiana and only 80,000 have received aid so far. He encouraged business owners not to wait to apply.

"I wouldn't be surprised to see the applications far exceed what's available within the first week," Schroder said.

In New Orleans, Cantrell said the following partners will help guide businesses through the application process: Coastal Communities Consulting, El Centro, Good Work Network, Launch NOLA, LiftFund, La Small Business Development Center and the Urban League.

City of Kent extends application deadline for small business... - Kent Reporter

Posted: 27 Jul 2020 04:38 PM PDT

Small business owners have until Aug. 9 to apply for the city of Kent's emergency relief grant program.

City staff relaxed eligibility requirements for the Small Business Emergency Relief Grant program and decided to extend the application deadline beyond July 27.

"Previous receipt of federal or state COVID-19 related aid including grants, loans or other supports like the PPP or EIDL programs are no longer disqualifying factors for this grant program," said Michelle Wilmot, of the city's Economic and Community Development Department, in a July 27 email to community partners. "We've also heard from many of you the requirement to be operational for three years was leaving many struggling businesses out. So we've reduced that requirement from three to two years as of June 30, 2020."

Wilmot said since the city opened the application window a couple of weeks ago, guidance from the state on the use of CARES Act funds has evolved, allowing the city to loosen some of the eligibility criteria.

As many as 200 or more small businesses could receive grants of $4,500 each. Businesses must have 15 full-time employees or fewer to apply. The city will pay for a total of $1 million in grants from a $3.8 million grant it received from the state Department of Commerce through the federal CARES Act. Kent will hold on to about $2.8 million of the grant to cover costs to the city because of the COVID-19 outbreak.

The city extended the application deadline to help give small business owners more time to become familiar with the changes and whether to apply. If business owners have already applied, no further action is needed. For more information, call 206-465-0070.

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