By Mike Kruzman / news@whmi.com

The University of Michigan’s Economic Growth Institute is offering help and hope to manufacturers that may be finding themselves struggling to survive through the COVID-19 pandemic.

The Institute works to foster positive growth in small and medium sized businesses. Much like when they helped over 200 businesses recover from the recession of 2008, they are prepared again to help manufacturers and entrepreneurs through this current crisis. While Michigan’s employment dropped 17% during the housing market crash, businesses EGI assisted grew on average of 4%. Associate Director Steven Wilson says, in a release from the University of Michigan, that one of the first steps they take when companies lose a line of business, or all of it, is to gauge which parts of the supply chain are most affected and impacted. They can then work with manufacturers to establish new connections. With many manufacturers retooling to make medical supplies right now, EGI has helped several across the state with medical certifications and manufacturing specifications. They have even given loans for equipment.

Wilson says that while no one knows how bad it’s still going to get, hang in there and take advantage of the available programs. He called the recent stimulus package from the federal government “amazing.” Wilson pointed to the $370-billion worth of loans that can be forgiven, grants, and payroll relief plan. He said these plans will help soften the blow, which will help the recovery in the long run.

In a video posted on U-of-M’s YouTube page, Wilson remarks on the resiliency of the Michigan worker, saying “Bouncing back is something Michiganders are really good at. Especially in the area of manufacturing and finding new alternatives and ways of doing things. My only advice to them is ‘Don’t let go of that.’ It’s always been there and it works. We’re here for you and hopefully we can do it again.”