We are getting a first look at data and insights from a program, supported by CMF members, that’s providing support to small businesses in the 10-county region of Northwest Michigan that have been affected by the pandemic.

The Regional Resiliency Program, supported by 16 funders and administered by Venture North, a community development financial institution (CDFI), has released its first report. The program is a collaborative effort that has provided almost $600,000 in funding to nearly 200 small businesses with nine or fewer employees impacted by COVID. The program continues to fundraise to help the 17,000 businesses in the region adapt to the challenges of the pandemic.

The initiative began with a $200,000 grant from Consumers Energy Foundation and since its launch several other CMF members have supported the program including DTE Energy Foundation, Frey Foundation, Leelanau Township Community Foundation, Manistee Community Foundation, Grand Traverse Regional Community Foundation, Hagerty, ITC and Petoskey-Harbor Springs Area Community Foundation.

“Small businesses are the backbone of our economy and have been significantly affected by the pandemic. Since March, the Consumers Energy Foundation has provided nearly $2.5 million to Michigan nonprofit organizations, including Venture North, to provide a lifeline to small businesses,” Carolyn Bloodworth, secretary/treasurer of the Consumers Energy Foundation said. “When Venture North came to us with ideas for expanding services, we saw the opportunity to support them while encouraging other funders to collaborate with us to expand their impact. We are blown away by the incredible impact an initial $200,000 grant can make, as the fund has more than doubled since May.”

Venture North has released a report highlighting the impact of the program in Northern Michigan.

• Nearly 200 businesses received grant awards through the program. Of those businesses, nearly 70% are owned by women and 12% are owned by military veterans.

• 67% of program recipients have three or fewer employees.

• Nearly 40% of the program recipients have been in business for more than 10 years.

• Among the applicants, over 50% did not receive any federal stimulus support.

“Everyone involved should be proud of what has been accomplished thus far with small businesses that were largely left out of prior federal stimulus support,” Laura Galbraith, executive director of Venture North said. “Much work remains to help those with urgent needs as well as those adapting to operate within COVID-19’s challenges. We will continue support in 2021 toward the stability and future growth of these businesses that are a heartbeat of northwest Michigan’s economy and workforce.”

Want more?

Read the report.

Learn more about the Regional Resiliency Program.