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MEDC Small Service Providers MEDC's assistance of brand-new and existing primary street organisations, along with the regional entrepreneurial environment, assists cultivate an encouraging organisation environment and supplies tools and resources that are available statewide to assist in small company success.

We provide the following services to growing businesses: strategic planning, financial analysis, general business consulting and more. The SBDC's Growth Group concentrates on serving business owners aiming to broaden or shift their existing company. Our specialists can help you strategize for future development.

The Michigan Strategic Fund authorized a $100 million program on July 7 that will supply grants to little services around Michigan working to recover from the ongoing effects of the COVID-19 infection, the Michigan Economic Advancement Corporation announced. "The COVID-19 virus has actually specifically affected Michigan's food and agriculture sector - small business michigan sterling heights. This investment will supply critical resources to make sure the security of Michigan's food production industry and its workforce," stated Guv Gretchen Whitmer.

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On July 7, The Michigan Strategic Fund authorized distribution of the financing throughout 15 regional or nonprofit economic development companies (EDOs) covering all 83 counties in the state to providing a base amount of $3.5 million per EDO for grants approximately $20,000 each to support particular small companies that have realized a significant monetary difficulty as a result of the COVID-19 virus. small business michigan sterling heights.

Funds can be utilized as working capital to support payroll expenses, rent, home mortgage payments, utility costs or other comparable expenses. To receive grant support, companies need to meet the following requirements, based upon statutory requirements for the program: Is a company or not-for-profit that can show it is affected by the COVID-19 emergency situation Requirements working capital to support eligible costs Shows an income loss as result of the COVID-19 emergency situation Has actually not received a grant through the Michigan Strategic Fund's Michigan Small company Relief Program.

In addition, at least 30 percent of the funds granted under the program must be provided to women-owned, minority-owned or veteran-owned qualified organisations. The MEDC anticipates that more than 5,000 services throughout the state will benefit from this program. "With the outbreak of COVID-19, numerous small companies have been faced with considerable financial effects, consisting of challenges with capital and resources to support their labor force," stated MEDC CEO Mark A. small business michigan sterling heights.

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" The Michigan Small Business Restart program, combined with other Michigan Strategic Fund programs and services along with regional and federal economic development assistance, will make it possible for small companies throughout the state to attend to the short-term effects of the COVID-19 crisis while expecting the long-term economic recovery requirements of the state." Per statutory requirements, a month-to-month report will be provided to the legislature that includes a listing of grants awarded in the previous month and the name of the recipient of each grant offered under the program.

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" The Michigan Small Service Restart grants will be a fundamental part of the financial recovery of small organisation in Michigan," said Brian Calley, President of the Small Company Association of Michigan, "This program leverages federal dollars to bring relief to entrepreneurs battling with the results of this worldwide pandemic in a thoughtful method including overcoming regional EDOs to guarantee resources are dispersed in the most equitable and efficient method for each region in the state." The Michigan Small Company Restart Program authorized July 7 is imitated the Michigan Small Service Relief Program, authorized on March 19 by the Michigan Strategic Fund to support small companies affected by the COVID-19 crisis.