By Kaitlyn Rose
Where are all my female, small business owners at?! I’m hoping that you, and your business, are staying strong amidst this crazy time of physical, emotional, and financial strain. While all of us, worldwide, are doing our best to maintain our physical health by social distancing, many entrepreneurs, like myself, are also fighting to keep their businesses afloat economically.
Check this out: I’ve listed below 10 AMAZING resources offering money and support to Michigan-based, small businesses who have been directly impacted by the COVID-19 crisis. If you’re an entrepreneur with a small business, you’re definitely going to want to check out these super helpful programs.
Michigan Small Business Relief Program
The Michigan Economic Development Corporation is providing immediate support through grants and low-interest loans to small businesses who’ve experienced a loss of revenue as a result of the COVID-19 outbreak. The Michigan Small Business Relief Program will provide up to $10 million in grant funding and loans, covering all 83 counties in the state of Michigan. For more information, click here: https://www.michiganbusiness.org/about-medc/covid19/small-business-relief-program/
Verizon Small Business Recovery Fund
Verizon Communications Inc. and LISC (Local Initiatives Support Corporation) have collaborated to donate $2.5 million to small businesses, especially entrepreneurs of color, women-owned businesses and other enterprises that don’t have access to flexible, affordable capital in historically underserved communities. Verizon will provide grants of up to $10,000 per business to relieve financial pressure because of COVID-19. If interested, be sure to apply asap! Applications need to be completed by Saturday, April 4th, 11:59 p.m. ET. Click here to apply: https://www.surveymonkey.com/r/LISCSBGrant
Economic Injury Disaster Advance Loan
In response to the pandemic, the U.S. Small Business Administration is a major entity assisting small businesses during this time. Small business owners in all U.S. states are eligible to apply for an Economic Injury Disaster Loan of up to $10,000. This loan advance will not have to be repaid, and will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Click here to apply: https://covid19relief.sba.gov/#/
Paycheck Protection Program
Also provided by the Small Business Administration, this forgivable loan will help small businesses keep and pay their employees for payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Businesses with less than 500 employees, private non-profit organizations, or 501(c)(19) veterans organizations affected by coronavirus/COVID-19 are eligible to apply. Click here for more information and application details: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp#section-header-4
TCF Bank Small Business Relief Loan Fund
TCF Bank and Wayne County are providing microloans to small businesses within the county who have under 100 employees, and are suffering financially due to the COVID-19 crisis. Loan amounts will range from $5,000 to $50,000, depending on number of employees. For more information and eligibility requirements, click here: https://www.tcfbank.com/about-tcf/waynecounty
Washtenaw Small Business Emergency Relief Fund
The Washtenaw Small Business Emergency Relief Fund will provide grants to qualifying small businesses who are experiencing financial hardships during this time. Made possible with the $1 million donation from the Song Foundation, small businesses can receive up to $5,000. The small business must have a physical location in Washtenaw County and must have no more than 50 employees. Small businesses whose staff are at immediate risk will be prioritized to receive grants. The application closes April 4th! Click here for more information and to apply: https://www.washtenawsbf.com/
Facebook is offering $100 million in grants and advertising credits through their Small Business Grants Program. Facebook is dedicated to helping 30,000 small businesses cover payroll, operational costs, rental costs, and additional pressing expenses. Be the first to know when the applications are open by signing up for updates! Click here for more information: https://www.facebook.com/business/boost/grants
Fox 2 Detroit & WXYZ Detroit
Do you own a local restaurant, or business, that’s still open currently? Both Fox 2 Detroit and WXYZ Detroit are committed to promoting local businesses that are still open, on their sites and social media pages. Both media outlets are gathering lists of Metro-Detroit businesses and restaurants that are open for carry-out and delivery services. Yess, to free marketing! These lists are updated daily, so submit your business, or suggest a local business, today!
Fox 2 Detroit:
WXYZ Detroit: https://www.wxyz.com/open
Michigan’s Small Business Development Center
The Michigan SBDC is providing business consulting, training, and market research for free! This is especially helpful for small business owners looking for assistance with strategic planning and navigating operations during this time. Click here to get started on your request: https://sbdcmichigan.org/request-for-business-counseling/
Tip Detroit is a new platform created specifically for Detroit businesses directly impacted by the COVID-19 virus. Whether you own a spa, fitness center, restaurant, or coffee shop, this funding platform allows community members to donate, purchase gift cards, or purchase products virtually. Submit your business and/or support a business here: https://www.tipdetroit.com/
Know of any additional opportunities? We want to know! Share them with us in the comments below!
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