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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. small business michigan sterling heights. The program supports the implementation of COVID-19 monitoring and mitigation techniques to safeguard agricultural workers and the state's general food production industry.
With today's action by the MSF Board, the MEDC has introduced 17 COVID-19 relief and recovery programs supporting more than 3,100 company in the state and helping to keep more than 12,400 jobs across all 83 counties. To read more about MEDC's COVID-19 reaction programs and the impact they are having on economic recovery efforts, visit michiganbusiness.org/covid19response.
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The MEDC has likewise established a FAQ for Michigan businesses and communities at michiganbusiness.org/covid19-faq. Info around this break out is changing rapidly (business michigan sterling heights). The latest details is available at Michigan.gov/ Coronavirus and CDC.gov/ Coronavirus. The Michigan Economic Advancement Corporation is the state's marketing arm and lead supporter for organisation development, job awareness and neighborhood advancement 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 organisation grant receivers from Southwest Michigan are getting allotments as part of the state's Michigan Small Service Relief Program. Grants may be used by receivers for working capital to support payroll expenditures, lease, 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. Funding allowances were based upon the concentration of eligible small organisations within each county. The typical grant award was $5,555. "The Michigan Small Company Relief Program is one of the methods we are leveraging every resource offered to offer relief in the face of negative effects COVID-19 is having on services across the state," stated Josh Hundt, Chief Service Development Officer and Executive Vice President at the Michigan Economic Development Corporation.
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" We comprehend little services across our state are facing extraordinary obstacles as we take every step possible to mitigate the spread of COVID-19," stated Guv Gretchen Whitmer. "Through decisive actions like [these] taken by the MSF Board to authorize relief for small companies throughout Michigan, we are leveraging every resource offered to support our companies, communities and business owners around the state impacted by this outbreak." To administer the funds, Southwest Michigan First and agents from Foundation Alliance, Battle Creek Unlimited, Marshall Location Economic Advancement Alliance, Albion Economic Development Corporation, Market Van Buren and the City of Coldwater gathered finished applications.
" These dollars will have an immediate effect on the health of business who have received grants and loans. The MEDC funds likewise relieve the burden on the business and banks, permitting them both to assign resources elsewhere. business michigan sterling heights." "Services in Berrien County and throughout Southwest Michigan are experiencing unprecedented challenge since of COVID-19 and from executive measures required to help lower the spread of the virus," stated State Senator Kim LaSata, R-Bainbridge Area.