New grant funding available until Aug. 5

Applications regarding a second round of grant funding for small Michigan businesses negatively impacted by COVID-19 are now available with a deadline of Aug. 5.

Through the Michigan Small Business Restart Program grant, $100 million will be dispersed to businesses throughout the state, with the Upper Peninsula receiving $4,545,455.

This recovery grant was made available by the Michigan Economic Development Corporation. Funds were appropriated through the CARES Act and authorized by the Michigan Strategic Fund to be administered by 15 economic development organizations across the state. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.

The application went live on July 15 at michiganbusiness.org/restart and is available until Aug. 5. Locally, allocated funds will be administered through InvestUP – a regional economic development organization representing all of the U.P. At least 30 percent of the funds awarded under the program will be provided to women-owned, minority-owned or veteran-owned eligible businesses. Applicants can apply for up to $20,000 in grant funds.

“The Greater Munising Bay Partnership/Alger Co. Chamber has worked with numerous businesses during the COVID-19 crisis and has seen first-hand the struggles they continue to face to recover and rebound economically.

We are grateful to the legislature and MEDC for making these much needed grants possible and stand ready to work with the businesses in our region to take advantage of the opportunity,” said Kathy Reynolds, CEO of the Greater Munising Bay Partnership/Alger Co. Chamber, in a recent news release. “Since the COVID-19 crisis has hit Michigan, our office has worked with Alger Co. businesses on two grant programs. Our goal is to continually strive to advocate for the economic health of our community and we do so by working with our local businesses, our economic development partners across the U.P. and the MEDC.”

Michigan-based organizations with 50 or fewer employees must meet the following criteria to qualify for the grant:

≤ Is a business or nonprofit that can demonstrate it is affected by the COVID-19 emergency

≤ Needs working capital to support eligible expenses

≤ Demonstrates an income loss as result of the COVID-19 emergency

Just a heads-up, applications must be completed in one sitting and physical copies will not be accepted. Those interested in applying, should visit https://www.michiganbusiness.org/restart/