The Michigan Strategic Fund recently authorized the funding of the Michigan Small Business Relief Program, to provide up to $10 million in small business grants and $10 million in small business loans. Local businesses submitted grant requests totaling $903,679.00.
Shiawassee County was allotted $93,211.00 in grant monies and was limited to funding 10.3% of the requests. Most recipients received a portion of their individual request.
Twenty-three businesses in eight communities will share the $93,211 grant pool. A Shiawassee County team, consisting of staff members of the Small Business Development Center (SBDC), Shiawassee Economic Development Partnership (SEDP) and the Shiawassee Regional Chamber of Commerce (SRCC), reviewed nearly 100 grant applications from area businesses. Grant recipients have completed the necessary legal paperwork to formally receive grant monies from the MEDC and can be announced publicly:
Dowen’s Delux Barber Shop, Corunna
Riverbend Bowl, Corunna
Dietrich Flower Shop, Durand
Jon Michael’s Jewelers, Inc, Durand
HQ Pizza LLC – Fun Bunker, Durand
Lockhart’s Authentic Grooming, Durand
Stomping Ground Coffee, Durand
The Dairy Den, Laingsburg
Morrice Barbershop, Morrice
Fit Physique, New Lothrop
Funny Pages Hobbies, Owosso
Back Of House Services, Owosso
Bea’s Bakery, Owosso
Murtle’s Handmade Chocolates, Owosso
NomNom Sweeties, Owosso
Apple Tree Lane, Owosso
The Vintage Barrel, Owosso
Fitness Coliseum, Owosso
House of Wheels, Owosso
Shiawassee Family YMCA, Owosso
Flagg’s Automotive, Perry
The Village Hair Shop, Vernon
Vernon Area Florist, Vernon
The selection committee took several factors into consideration: diversity of the business; geographical location and the significance of the business to that specific area; the impact the grant dollars would have on helping the business; how the grant dollars will be used; completeness of the applications and if there were other financial tools that the business could access.
As a result, a local team is continuing to collaborate and advocate with local, state and national partners on programs to provide relief for small businesses. This includes evaluating the details of the federal stimulus package to determine how it will influence our efforts to provide economic relief in our region.
As we continue taking critical steps to flatten the COVID-19 curve, we recognize that our region’s small businesses are among those most severely impacted by these protective measures. Businesses are encouraged to consider additional resources below as options for financial support during this time:
· SBA Economic Injury Disaster Loans: These loans will provide vital capital for businesses facing temporary economic hardships as a result of the COVID-19 outbreak. Small businesses apply for this EIDL directly with the SBA at disasterloan.sba.gov/ela.
· Federal Stimulus Support: Last week, Congress passed the CARES Act that, among other things, allocated $350 billion through the Paycheck Protection Program to help small businesses keep workers employed during the COVID-19 outbreak. These loans can be up to 2.5 times the borrower’s average monthly payroll costs (not to exceed $10 million) and can be used for expenses like payroll costs, rent on a leasing agreement and payments on utilities. To learn whether your business qualifies for this loan and to find more information about how it could help your business, read the U.S Chamber’s Small Business Guide and Checklist.
· MEDC’s Capital Access Program: As small and medium-size businesses across the state are negatively impacted by the COVID-19 outbreak, existing programs through MEDC’s Capital Access Program provide opportunities for financing that may not otherwise be available. Any business that has been affected by COVID-19 is eligible to receive support through the Collateral Support and Loan Participation programs. Additional information about the eligibility requirements for these programs, as well as the applications for each program, can be found at michiganbusiness.org/covid19. There are many lenders across Michigan that already participate in the MEDC Capital Access program. Talk with your lender about whether this is an option that might be right for you.
Additional funding opportunities for local businesses will be announced as they become available. Persons should connect with the SEDP and SRCC on social media for the most up-to-date announcements. COVID19 related federal and state resources for businesses of all sizes may be found at https://www.shiawasseechamber.org/covid-19-business-resources.html.
About the SBDC: The Michigan SBDC provides consulting, training and research to assist small business to launch, grow, transition and innovate. The Shiawassee SBDC office is located inside The Armory in Owosso.
About the SEDP: The mission of the Shiawassee Economic Development Partnership is to improve Shiawassee County’s economy through business attraction, retention and expansion.
About the SRCC: The Shiawassee Regional Chamber of Commerce connects leaders & supports entrepreneurs so that together we build an extraordinary Shiawassee region.