The Michigan Economic Development Corp. has announced last week that $5.3 million in grants and loans will be given to local municipalities and economic development organizations. These funds will be used for small business relief.
“The COVID-19 pandemic hit our small business owners hard, and we’re working around the clock to ensure they have the support they need moving forward,” Governor Gretchen Whitmer said in a statement last week.
“The COVID-19 pandemic hit our small business owners hard, and we’re working around the clock to ensure they have the support they need moving forward.” — Gov. Gretchen Whitmer
Local municipalities in Michigan are also continuing to develop their own additional relief funds.
Oakland County Executive David Coulter requested that the county’s Board of Commissioners allocate $32 million to create Oakland Together Economic Recovery Grants. The federal funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act would act as additional funds for businesses to tap into to cover general costs of doing business. “As our small businesses reopen, we want to ensure they have the resources to keep their customers safe and recover from the downturn.” The Oakland County board is expected to consider the request next week, and if approved, the grants program would take effect on July 1 with an application process running through Aug. 25.
Macomb County will distribute $20 million in small business grants using federal CARES Act dollars, according to a statement last week. Macomb County Executive Mark Hackel said, “Our small business sustainability grant will aid us in reacting to the economic crisis we now face. Our objective is to inject much needed resources into our economy by supporting local companies.”
A spokesperson for Wayne County said as of late May that the county still still had funds available through a partnership with TCF Bank.