Thanks to funding made available through the Michigan Economic Development Corporation (MEDC), four local area economic development organizations were able to provide $400,000 in small business relief grants to 205 businesses in Arenac, Bay, Midland and Saginaw Counties. As we continue taking critical steps to flatten the COVID-19 curve, small businesses are among the most severely impacted by these protective measures.
“The Michigan Small Business Relief Program is one of the ways we are leveraging every resource available to provide relief in the face of the negative impacts COVID-19 is having on businesses across the state,” said Josh Hundt, Chief Business Development Officer and Executive Vice President at the MEDC. “We are proud to work with our partners at Saginaw Future Inc. to bring these critical resources to small businesses in the Great Lakes Bay Region.”
Saginaw Future Inc. (SFI) worked in partnership with Arenac Economic Development Corporation (EDC), Bay Future Inc. (BFI), Midland Business Alliance (MBA), the Small Business Development Center and Saginaw Community Foundation to review and approve grant applications.
Nearly 1,400 applications were received across the four-county region. Each application was scored based on guidelines set by the MEDC including the company’s working capital needs, employment numbers, status of employees, severity of impact from Executive Order 2020-20 and subsequent orders, and overall impact on the local community.
Among the applications received, numbers for each county are broken down as follows:
Arenac: 65 submitted, 20 funded, $20,000 awarded with an average grant amount of $1,000 given per business
Bay: 357 submitted, 28 funded, $80,000 awarded with an average grant amount of $2,857 given per business
Midland: 244 submitted, 32 funded, $80,000 awarded with an average grant amount of $2,500 given per business
Saginaw: 713 submitted, 125 businesses funded, $200,000 awarded with an average grant amount of $1,600 given per business
In addition, the four counties will forward eligible applications to the MEDC for possible loan programs. SFI, along with Arenac EDC, BFI and MBA, will continue to collaborate with local, state and national partners on programs to provide additional relief and support to our area's small businesses. A list of businesses that received grant funding from the Michigan Small Business Relief Program will be made available on the MEDC’s website.
16th November, 2023