Financial Tools to Assist Employers with COVID-19 Challenges
Review the available sources of capital below.
We are assembling the best information we can below, check back in regularly for updates:
ACCESS TO CAPITAL
Access to Capital and Cash Flow
Michigan small businesses are now eligible for the U.S. Small Business Administration’s Economic Injury Disaster Loans (EIDL).
Here are the details:
Low-interest loans of up to $2 million are available for small businesses and private non-profits.
Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years.
Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
Click HERE to apply now.
Michigan Small Business Relief Program
The Michigan Small Business Relief Program approved today authorizes the MEDC to provide up to $20 million in support for small businesses. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. Applications will be available by April 1, 2020.
Banks Offer Relief to Small Businesses and Individuals
There are numerous banks offering financial relief to small businesses and individuals. This is not a complete list, please check with your lender for the relief they may be offering small businesses.