Through the Michigan Entrepreneur Resilience Fund (MERF), small businesses in Michigan have received grants of $1,000 to $5,000 to help their businesses recover from COVID-19 shutdowns.
There is still $500,000 of available funds, and applications are still open for microloans of $5,000 to $10,000 for small businesses that have been negatively affected by COVID-19.
“The impact this fund has already had for small businesses and entrepreneurs throughout the state has been critical to ensuring our local economies can continue thriving long after this crisis has passed,” Josh Hundt, chief business development officer at Michigan Economic Development Corporation (MEDC), said in Michigan Economic Development Corporation's press release.
MERF has already granted $565,750 to local entrepreneurs, has processed 113 microloans and grants and has helped 94 small businesses. The grants can be used to help pay rent, payroll and inventory, and can be used to help a business go online or to meet new demand.
“It is such a privilege to reach out to these entrepreneurs with the good news that they have been awarded a MERF grant,” Carolyn Cassin, Michigan Women Forward president and CEO, told MEDC.
Hannah Berry, the recipient of a grant and owner of the gallery and education center Lions & Rabbits in Grand Rapids, used the grant to renovate her space and showcase the power of local Grand Rapids women.
“While we have brought our art and now our classes online, because of this grant, we will be able to fully reopen and people are safe to experience community fellowship again,” Berry told MEDC.
Small businesses will be given priority if they meet several criteria: the business must be located in a designated HUBZone or Opportunity Zone, designated by the U.S. Small Business Administration, the business must demonstrate that it is a low-income or moderate-income borrower and that the business is owned by an individual or individuals of an underrepresented group.
“This funding is often the difference between opening or not opening their business back up," said Cassin, according to MEDC.
Michigan Women Forward partnered with MEDC to create the fund, each organization donating $500,000. Other partners include Consumers Energy Foundation, the New Economy Initiate, General Motors Corporation, Fifth Third Bank and Comerica Bank.
Interested applicants can apply for a grant at Michigan Women Forward.
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