The U.S. Small Business Administration and the Treasury Department announced that they will be re-opening PPP applications for both new borrowers and certain borrowers who already received a PPP loan. Applications are now open. For more information, please see here.
The Pure Michigan Small Business Relief Initiative will utilize federal CARES Act funding to provide $10 million in grants to meet the urgent need of Michigan small businesses disproportionately impacted by the COVID-19 virus. Applications for businesses to apply will open on December 15, 2020 and details can be found here.
Detroit Development Fund, a community development finance institution based in Detroit, received approval of a $1 million loan from MSF to make micro and small business loans ranging from $5,000 to $250,000 to small businesses in Detroit, Highland Park, and Hamtramck, with emphasis on businesses located in economically disadvantaged areas. To learn more, see here.
The CARES Act has been created to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Applications are now open and loans will be allocated on a first come, first serve basis. More details and the application can be found here.
U.S. Small Business Administration provides a number of loan resources for small businesses to utilize when starting, expanding or operating their businesses.
The Michigan Economic Development Corporation works to increase the availability of capital for companies in Michigan at every stage of development. The MEDC can help connect your business with capital providers – federal grants, venture capitalists, banks, and others – as well as offer programs that can expand the reach of those capital providers.