Grant Program To Provide More Than $8.5 Million For Area Businesses
July 7, 2020
By Jon King / jking@whmi.com
Local businesses trying to recover from the impact of COVID-19 can apply for state grant funding through the organization that oversees economic development in Livingston County.
The Michigan Strategic Fund Tuesday approved a $100 million grant program utilizing federal CARES Act funding to implement the Michigan Small Business Restart Program. Officials say the program will support Michigan’s small businesses that are reopening and have experienced a loss of income as a result of the COVID-19 crisis. The funding was distributed across 15 local or nonprofit economic development organizations covering all 83 counties in the state. Included among them was Ann Arbor SPARK, which received more than $8.5 million. Ann Arbor SPARK partners with the Economic Development Council of Livingston County and works to support business acceleration, attraction and retention.
The Michigan Small Business Restart Program application will be live starting Wednesday, July 15th and run through Wednesday, August 5th. Funds can be used as working capital to support payroll expenses, rent, mortgage payments, utilities or other similar expenses. At least 30% of the funds awarded will be provided to women-owned, minority-owned or veteran-owned eligible businesses. It’s expected that more than 5,000 businesses across the state will benefit.