The Michigan Strategic Fund has approved $100 million in grant funding for small businesses working to recover from the ongoing impact of COVID-19. The Michigan Small Business Restart Program was created with funds appropriated from the CARES Act to help small businesses that are reopening.
The application period will open Wednesday, July 15 and run through Wednesday, August 5. Funds can be used as working capital to support payroll, rent, mortgage payments, utilities or other similar expenses. Grants will be for up to $20,000 to support certain small businesses that have realized significant financial hardship.
To qualify for grant support your business must meet the following requirements:
At least 30 percent of the funds will be awarded to women-owned, minority-owned or veteran-owned eligible businesses. A monthly report will be provided to the legislature that includes a listing of grants awarded in the month prior and the name of the recipient of the grant under the provided program.
Additionally, the Michigan Strategic Fund has approved $15 million for the Michigan Agricultural Safety Grant Program to support agricultural processors and farms. The program supports COVID-19 monitoring and mitigation strategies to protect employees and the state’s overall food production industry.
For more information on the Michigan Restart Program, click here.