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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 techniques to safeguard farming staff members and the state's total food production market.
With today's action by the MSF Board, the MEDC has actually released 17 COVID-19 relief and healing programs supporting more than 3,100 organisation in the state and assisting to maintain more than 12,400 tasks throughout all 83 counties. To get more information about MEDC's COVID-19 action programs and the effect they are having on financial healing efforts, check out michiganbusiness.org/covid19response.
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The MEDC has also established a FAQ for Michigan services and neighborhoods at michiganbusiness.org/covid19-faq. Information around this outbreak is altering quickly (small business michigan sterling heights). The most current info is available at Michigan.gov/ Coronavirus and CDC.gov/ Coronavirus. The Michigan Economic Development 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 advancement driver based in Kalamazoo, today revealed 144 little service grant recipients from Southwest Michigan are receiving allocations as part of the state's Michigan Small Business Relief Program. Grants may be utilized by recipients for working capital to support payroll expenditures, lease, home mortgage payments, energy costs or other comparable costs that occur in the ordinary course of business.
The seven-county Southwest Michigan area got $800,000 to be administered among companies located throughout Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren counties. Financing allowances were based on 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 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 Advancement Corporation.
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" We understand small organisations throughout our state are dealing with unmatched challenges as we take every step possible to alleviate the spread of COVID-19," stated Governor Gretchen Whitmer. "Through decisive actions like [these] taken by the MSF Board to license 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 Area Economic Advancement Alliance, Albion Economic Advancement Corporation, Market Van Buren and the City of Coldwater collected finished applications.
" These dollars will have an instant effect on the health of business who have actually gotten grants and loans. The MEDC funds also reduce the concern on the companies and financial organizations, enabling them both to allocate resources in other places. business michigan sterling heights." "Companies in Berrien County and throughout Southwest Michigan are experiencing unprecedented difficulty because of COVID-19 and from executive procedures required to help in reducing the spread of the virus," stated State Senator Kim LaSata, R-Bainbridge Area.