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To date, more than 130 bank loan totaling more than $8 million have been approved through MSF entrusted approval. The Michigan Strategic Fund today likewise authorized the $15 million Michigan Agricultural Security Grant Program to support the needs of Michigan's agricultural processors and farms. business michigan sterling heights. The program supports the execution of COVID-19 tracking and mitigation techniques to safeguard agricultural staff members and the state's total food production industry.
With today's action by the MSF Board, the MEDC has launched 17 COVID-19 relief and recovery programs supporting more than 3,100 company in the state and helping to keep more than 12,400 tasks throughout all 83 counties. For more information about MEDC's COVID-19 response programs and the impact they are having on economic recovery efforts, visit michiganbusiness.org/covid19response.
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The MEDC has actually also established a Frequently Asked Question for Michigan companies and neighborhoods at michiganbusiness.org/covid19-faq. Information around this outbreak is altering quickly (small business michigan sterling heights). The current information is offered at Michigan.gov/ Coronavirus and CDC.gov/ Coronavirus. The Michigan Economic Development Corporation is the state's marketing arm and lead advocate for service advancement, job awareness and community development with the concentrate on growing Michigan's economy.
MichiganBusiness.org. For Pure Michigan tourist information, your journey starts at www.michigan.org. Join the conversation on: Facebook, Instagram, LinkedIn, and Twitter. 2020 CBS Broadcasting Inc. All Rights Scheduled. This product might not be published, broadcast, rewritten, or rearranged.
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- Southwest Michigan First, the regional economic development driver based in Kalamazoo, today revealed 144 little service grant receivers from Southwest Michigan are receiving allotments as part of the state's Michigan Small Company Relief Program. Grants may be used by receivers for working capital to support payroll expenditures, lease, home mortgage payments, energy costs or other similar expenses that occur in the normal course of organisation.
The seven-county Southwest Michigan area received $800,000 to be administered among businesses situated throughout Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren counties. Financing allotments were based on the concentration of eligible little organisations within each county. The typical grant award was $5,555. "The Michigan Small Company Relief Program is one of the methods we are leveraging every resource offered to offer relief in the face of negative effects COVID-19 is having on services across the state," said Josh Hundt, Chief Organisation Advancement Officer and Executive Vice President at the Michigan Economic Development Corporation.
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" We understand small businesses throughout our state are dealing with unmatched difficulties as we take every step possible to alleviate the spread of COVID-19," stated Governor Gretchen Whitmer. "Through decisive actions like [these] taken by the MSF Board to license relief for small companies throughout Michigan, we are leveraging every resource offered to support our businesses, neighborhoods and business owners around the state impacted by this outbreak." To administer the funds, Southwest Michigan First and agents from Foundation Alliance, Battle Creek Unlimited, Marshall Location Economic Advancement Alliance, Albion Economic Development Corporation, Market Van Buren and the City of Coldwater collected finished applications.
" These dollars will have an immediate impact on the health of business who have actually received grants and loans. The MEDC funds likewise alleviate the burden on the business and monetary institutions, permitting them both to assign resources elsewhere. small business michigan sterling heights." "Organisations in Berrien County and throughout Southwest Michigan are experiencing unmatched hardship due to the fact that of COVID-19 and from executive measures required to help reduce the spread of the infection," said State Senator Kim LaSata, R-Bainbridge Municipality.