The Michigan Economic Development Corporation is reminding Michiganders that there is still time to support small businesses participating in the MI Local Biz community crowdfunding program.
Launched in early June, more than 100 campaigns utilizing this crowdfunding for COVID-19 recovery efforts will be expiring over the coming days and weeks, with many still seeking support from the public to meet their crowdfunding goals.
MEDC will provide up to $5,000 in matching funds per business to help them as they work to recover from the negative economic impacts of the COVID-19 crisis.
“Small businesses around the state are taking part in the MI Local Biz program and while many businesses have already reached their crowdfunding goals, many more need additional support to help get them to the finish line. This program is a unique opportunity for patrons of these small businesses to help them in a time of need,” said Michele Wildman, senior vice president of Community Development at the MEDC. “Michigan’s small businesses and traditional downtowns are a vital part of the state’s economy, and MI Local Biz offers innovative access to capital for those businesses that have experienced a loss in revenue directly related to the COVID-19 crisis.”
Earlier in June, MEDC announced that approximately 100 small businesses around the state were chosen to participate in the MI Local Biz crowdfunding program as a way to raise funds as they work to recover from the negative impact of the COVID-19 crisis.
The program builds on the MEDC’s successful Public Spaces Community Places (PSCP) program, which allows residents to use crowdfunding to be part of the development of strategic projects in their communities. Projects that reach their fundraising goals then receive a matching grant from MEDC.
MI Local Biz allows for a small business to utilize donation-based crowdfunding through Michigan-based crowdfunding platform Patronicity’s existing platform and to receive a 1:1 matching grant from MEDC of up to $5,000.
Funds must be used by the businesses for working capital needs to maintain ongoing operations during and through the COVID-19 crisis. MEDC will provide a total of $500,000 in matching grants to the participating businesses statewide.
Individuals interested in learning more and supporting businesses in their communities can visit www.patronicity.com/milocalbiz.
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