The Michigan Economic Development Corporation (MEDC) partnered with Michigan Women Forward in announcing the creation of a $1.5 million Michigan Entrepreneur Resilience Fund.
The fund is meant to help entrepreneurs and small businesses who have been negatively impacted by coronavirus (COVID-19) recover. It will also assist them in meeting increased demands in support of COVID-19 response efforts.
“As Michigan begins to focus on economic recovery efforts across the state, it is critical that we make sure support and relief are accessible for all entrepreneurs and small businesses in need,” said LeTasha Peebles, grant manager for the MEDC. “We’re grateful for the partnership of Michigan Women Forward in supporting this fund, which will play a key role in ensuring every member of our state’s entrepreneurial ecosystem has the tools and support they need to recover from this crisis.”
The Michigan Entrepreneur Resilience Fund will provide recovery grants of $1,000-$5,000 and microloans of $5,000-$10,000 to small businesses. At least 150 businesses statewide are expected to benefit.
“This fund will be vital in helping small businesses throughout Michigan keep their doors open and their workers paid, while offering much-needed economic support during this unprecedented outbreak,” said Maggie McCammon, portfolio manager for the MEDC. “Michigan Women Forward has a demonstrated track record of successfully providing holistic support for small businesses across the state and MEDC looks forward to working together with them and the other supporting partners as our state moves toward recovery.”
Funds awarded through the program can be used to manage expenses including rent, payroll and inventory. It can also provide working capital to assist with increased product or service demand or help a company revamp their business virtually.
The $1.5 million fund includes support of $500,000 from MEDC and $500,000 from Michigan Women Forward’s SBA microlending funds, along with partners including Consumers Energy Foundation, the New Economy Initiative, General Motors Corporation, Fifth Third Bank and Comerica Bank.