LANSING, Mich. – The state of Michigan’s small business entrepreneurial support organizations have joined forces with the Michigan Economic Development Corporation to ensure economic support is available to Michigan businesses to overcome anticipated loss of revenue as a result of the COVID-19 virus, the organizations announced today.
“Small businesses drive the economies of our communities, and we understand that they are facing unprecedented challenges. We are committed to providing vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing,” said MEDC CEO Mark Burton. “We are working with small business organizations and partners around the state to ensure that every possible resource is made available to businesses, communities, entrepreneurs and others around the state, and we will continue to provide updates as soon as they’re available.”
On March 16, Gov. Gretchen Whitmer informed the U.S. Small Business Administration that she is seeking an Economic Injury Disaster Loan Declaration for the state and has initiated the process to receive the declaration from SBA. That application process is expected to be completed this week.
Earlier this month, Congress passed legislation that makes $1 billion available to the SBA to provide low-interest loans to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
MEDC is also encouraging businesses and communities throughout the state to learn more about its wide range of tools aimed at assisting Michigan’s small- and medium-sized businesses. In particular, the MEDC Access to Capital programs can provide greater availability of working capital during times of growth, change or economic uncertainty. To support businesses and communities during this unprecedented time, the organization will also be evaluating virtual matchmaking and other enhancements to programs such as its International Trade, Entrepreneurship and Innovation, Pure Michigan Business Connect, PlanetM and Match on Main Street programs.
“I’m so proud to see the state’s small business resources rally together in this time of crisis. The stories we are hearing from the small businesses affected by COVID-19 are devastating,” said State Director of the Michigan Small Business Development Center J.D. Collins. “Rest assured that the combined resources of Michigan’s small business support system are here to help.”
MEDC’s call center stands ready to support businesses looking for assistance through other available state programs. For more information, visit MEDC’s website: www.michiganbusiness.org or call 888.522.0103. The Michigan Small Business Development Center can also provide resources for small businesses impacted by COVID-19. Visit their website https://sbdcmichigan.org/small-business-covid19/ for additional information.
For more information about the impact that COVID-19 will have on small businesses and how to help them better prepare for this economic impact, visit the Small Business Development Center’s FAQ page here.
For those who have questions about the state’s actions to mitigate the spread of coronavirus, please call the COVID-19 Hotline at 1-888-535-6136 between 8AM - 5PM daily.