The Michigan Economic Development Corporation (MEDC) has partnered with Michigan Women Forward, a CMF member, in the creation of the Michigan Entrepreneur Resilience Fund. The $1.5 million fund is aimed at helping entrepreneurs and small businesses negatively impacted by COVID-19 recover from the outbreak, as well as assist them in meeting increased demands in support of COVID-19 response efforts.

“At Michigan Woman Forward, we are dedicating ourselves to doing everything we possibly can to help Michigan’s small businesses re-open and recover from this crisis,” Carolyn Cassin, president and CEO, MWF said. “Funding is just the beginning. We will also pair our entrepreneurs with experts to help answer questions and guide their decision making at this critical time.”

The Michigan Entrepreneur Resilience Fund will provide recovery grants of $1,000-$5,000 and microloans of $5,000-$10,000 to small businesses who are in need and have been adversely affected by COVID-19 closures. At least 150 businesses statewide are expected to benefit from this support.

Funds awarded through the program can be used to support small businesses in managing expenses through the recovery phase, including rent, payroll, and inventory, due to the significant economic impacts of COVID-19.

The fund can also advance business growth by providing working capital to assist with increased product or service demand, enable the company to revamp their business virtually through a strengthened online presence or start up a company to meet a new demand as a result of COVID-19.

“This fund will be vital in helping small businesses throughout Michigan keep their doors open and their workers paid, while offering much-needed economic support during this unprecedented outbreak,” Maggie McCammon, portfolio manager for the MEDC said. “Michigan Women Forward has a demonstrated track record of successfully providing holistic support for small businesses across the state and MEDC looks forward to working together with them and the other supporting partners as our state moves toward recovery.”

The $1.5 million fund includes support of $500,000 from MEDC and $500,000 from Michigan Women Forward’s SBA microlending funds, along with partners including Consumers Energy Foundation, the New Economy Initiative, General Motors Corporation, Fifth Third Bank and Comerica Bank.

“Small businesses are the backbone of our economy and have been significantly impacted during this unprecedented time,” Brandon Hofmeister, president of the Consumers Energy Foundation said. “Consumers Energy is committed to helping Michigan’s small business community succeed now, more than ever. We are making an investment in our communities, business owners, workers and their families, and a commitment to help power through together.”

Eligible candidates will be prioritized based on demonstrated need, including:

• Applicants who are located in a disadvantaged area within a U.S. SBA designated HubZone or Opportunity Zone.

• Applicants that demonstrate status as a low- to moderate-income borrower.

• Qualifying as a diverse business that can demonstrate ownership by underrepresented groups including, but not limited to, veterans, people of color and those who are low-income.

Cassin shared that within a few hours of launching the fund they received 134 applicants. 

Want more?

Learn more about the fund.

Connect with COVID-19 resources from MEDC.