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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 requirements of Michigan's farming processors and farms. business michigan sterling heights. The program supports the implementation of COVID-19 monitoring and mitigation strategies to protect agricultural employees and the state's overall 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 retain more than 12,400 jobs across all 83 counties. To get 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. Details around this outbreak is changing quickly (small business michigan sterling heights). The current details is readily available 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.
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- Southwest Michigan First, the regional economic development catalyst 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, rent, home loan payments, utility expenses or other comparable expenditures that happen in the regular course of company.
The seven-county Southwest Michigan region got $800,000 to be administered amongst companies located throughout Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren counties. Financing allowances were based upon the concentration of eligible small companies within each county. The typical grant award was $5,555. "The Michigan Small Company Relief Program is one of the ways we are leveraging every resource readily available to supply relief in the face of negative impacts COVID-19 is having on organisations throughout the state," said Josh Hundt, Chief Business Advancement Officer and Executive Vice President at the Michigan Economic Development Corporation.
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" We understand little organisations throughout our state are facing unprecedented challenges as we take every action possible to reduce the spread of COVID-19," said Governor Gretchen Whitmer. "Through definitive actions like [these] taken by the MSF Board to license relief for small companies throughout Michigan, we are leveraging every resource readily available to support our organisations, neighborhoods and entrepreneurs around the state affected by this break out." To administer the funds, Southwest Michigan First and representatives from Cornerstone Alliance, Fight Creek Unlimited, Marshall Area Economic Development Alliance, Albion Economic Advancement Corporation, Market Van Buren and the City of Coldwater collected completed applications.
" These dollars will have an instant impact on the health of the businesses who have actually gotten grants and loans. The MEDC funds also reduce the problem on the companies and banks, enabling them both to allocate resources in other places. business michigan sterling heights." "Companies in Berrien County and throughout Southwest Michigan are experiencing extraordinary difficulty because of COVID-19 and from executive procedures taken to assist minimize the spread of the virus," stated State Senator Kim LaSata, R-Bainbridge Town.