New Michigan grants, loans available to small businesses and entrepreneurs

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(Photo Supplied/Michigan Entrepreneur Resilience Fund)

Michigan entrepreneurs and small businesses can now apply for recovery grants and microloans through the state’s Entrepreneur Resilience Fund.

The Michigan Economic Development Corporation partnered with Michigan Women Forward to create the $1.5-Million fund to help entrepreneurs and small businesses negatively impacted by COVID-19 recover, as well as meet increased demands in COVID-19 response efforts.

The Michigan Entrepreneur Resilience Fund will provide recovery grants of $1,000-$5,000 and microloans of $5,000-$10,000 to at least 150 small businesses statewide.

Applicants will be evaluated on a rolling basis until funds are exhausted, and will be prioritized based on demonstrated need. This may include:

  • Being located in a disadvantaged area within a U.S. Small Business Administration designated HubZone or Opportunity Zone;
  • Demonstrating status as a low- to moderate-income borrower;
  • And qualifying as a diverse business that can demonstrate ownership by underrepresented groups including, but not limited to, veterans, minorities and low-income men and women.

Small businesses interested in applying can do so by clicking here.

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