On March 23, Governor Gretchen Whitmer issued her Stay Home, Stay Safe, Save Lives executive order, requiring all businesses and organizations deemed non-essential to sustain or support life to close.
On March 23, Governor Gretchen Whitmer issued her Stay Home, Stay Safe, Save Lives executive order, requiring all businesses and organizations deemed non-essential to sustain or support life to close. As small businesses across the state close or cut back on services, CMF members are working to support businesses negatively impacted by COVID-19.
The Midland Area Community Foundation (MACF) announced a $1 million pledge to two funds, the COVID-19 Response Fund and the COVID-19 Impact Investing Fund to provide relief to nonprofits, individuals and small businesses. While the response fund is designated to support nonprofits and individuals, the Impact Investing Fund provides a total $250,000 in 0% business loans for small businesses, with a loan maximum of $5,000.
“The Midland Area Community Foundation believes in enriching and improving the quality of life in Midland County,” Sharon Mortensen, president and CEO, MACF said in a press release. “We have an opportunity to impact businesses and individuals who make up the heart and soul of the Midland community.”
Patti Poppe, president and CEO of Consumers Energy, a CMF corporate member, and her husband announced a $1 million personal donation to the Jackson Community Foundation to help small businesses in Jackson who are negatively impacted by COVID-19. The donation will establish the Dream Maker Small Business Emergency Relief Fund, which supports businesses until they can access state and federal resources.
“I think it’s important that we all do what we can right now to help our friends and neighbors,” Poppe said in a press release. “Small businesses are the heart of our state, and my husband and I are hopeful that we can do our part to help the businesses in our hometown through this extraordinary time.”
Jackson-area businesses who employ 50 or fewer workers are eligible to receive up to $5,000 to support operations over the next few weeks. The fund is also accepting donations to secure more funding for local businesses.
Several CMF members including the Community Foundation for St. Clair County, The Charles Stewart Mott Foundation, The Kresge Foundation and others are sharing resources and updates on small business support efforts from the communities they serve on their social media channels.
The New Economy Initiative has also been highlighting resources and TechTown Detroit’s Small Business Stabilization Fund which just wrapped up its application process.
Other resources have been established in the last few weeks on the state level and beyond to further support Michigan’s small businesses.
The Michigan Economic Development Corporation (MEDC)’s Michigan Strategic Fund (MSF) launched the Michigan Small Business Relief Program, which authorized MEDC to provide up to $20 million to provide assistance to small businesses across the state negatively impacted by COVID-19. Assistance will come in the form of grants and loans, with funds becoming available no later than April 1.
“With the outbreak of COVID-19, many small businesses are faced with significant economic impacts, including challenges with cash flow and resources to support their workforce,” Mark Burton, president and CEO, MEDC said. “The Michigan Small Business Relief program will provide immediate assistance to the small businesses around the state who are facing revenue loss as a result of tough, but necessary steps that have been taken to mitigate the spread of the virus.”
Business Leaders for Michigan has also launched an online Business Resource Center.
CMF has provided resources for foundations who are seeking to help small businesses during the outbreak. Steps foundations can take include:
Developing partnerships with chambers of commerce, local governments and businesses to address community needs and support the economic welfare of small businesses.
Purchasing from local businesses when possible.
Partnering with Community Development Financial Institutions (CDFIs) to help local and small businesses gain access to loans during this time.
“In big ways or small, we all have a responsibility to care for our communities,” Poppe said. “We’re fortunate to be able to contribute in such a big way and hope to see others in Michigan take similar actions as we all come together by staying apart in the weeks ahead.”
Want more?
Check out Consumer Energy’s press release.
Learn more about the Michigan Small Business Relief Program.
Visit CMF’s COVID-19 Resource Central webpage for grantmakers.
