The Michigan Economic Development Corp. recently announced it has awarded an additional $4.7 million in low-interest loans to 71 small businesses in 15 counties across Michigan through the Michigan Small Business Relief Program.
The support builds on $4.35 million in loans awarded to 74 businesses through the program in June.
To date, a total of 2,879 small businesses around Michigan have been awarded nearly $20 million in relief grants and loans through the program to assist with COVID-19 recovery efforts.
In Macomb County 11 businesses received loans totaling more than $745,000. Officials said 155 jobs were retained as a result.
“As we continue to focus on restoring economic prosperity for all Michiganders, these loans provide critical support the small businesses throughout the state that are working to recover from the short and long-term impacts of the COVID-19 outbreak,” said MEDC CEO Mark A. Burton. “By collaborating with our local economic development partners, we can deliver vital financial resources to small businesses across
Michigan to create a path for economic recovery here in our state.”
The Michigan Small Business Relief Program was authorized by the Michigan Strategic Fund in March of this year to provide relief for small businesses negatively impacted by the COVID-19 crisis.
Loans through the program are intended to support small businesses facing drastic reductions in cash flow and the continued support of their workforce and may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
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