SOUTHERN WAYNE COUNTY REGIONAL CHAMBER OF COMMERCE: Wayne County Announces $50 Million Small Business Operational Capital Grant Program - Up To $10k in Grant Funding

By Press release submission

Jun 23, 2020

Southern Wayne County Regional Chamber of Commerce issued the following announcement on June 19.

UPDATE (JUNE 18, 2020): Links for applications and more info relating to the below: https://conta.cc/3dihvVU

Wayne County has announced a new grant program for brick and mortar small businesses throughout the County. The program, using funding from the federal CARES Act, has a total fund of $50 million, and provides small businesses up to $10,000 of operational capital. Some of the requirements of the program include: 1) the business must have been in operation for at least 1 year; 2) The business must have no more than $1 million in revenue and fewer than 50 FTE employees; 3) the business must be in good standing with the Michigan Department of Licensing and Regulatory Affairs. The County hopes to assist 5,000+ businesses through this program.

The application is expected to open June 29

ADDITIONAL $100 MILLION IN GRANT FUNDING PASSED BY THE MI LEGISLATURE FOR THE MEDC SMALL BUSINESS RELIEF PROGRAM PROVIDING GRANTS TO HARDEST HIT BUSINESSES IN MICHIGAN

The Michigan Legislature voted to provide the Small Business Relief Program an additional $100 million in grant support for small businesses. The program will provide grants up to $20,000 to small businesses to help cover payroll, rent, mortgage payments, utility expenses, costs associated with reopening or other uses authorized in the federal CARES Act. To be eligible for a grant under the program a business must:

have 50 employees or less

not have received a grant under the previous program

have been negatively impacted by COVID-19

The original program funding created in March of $20 million was 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. In Wayne County, the original program was administered by the Detroit Economic Growth Corporation and the Wayne County Economic Development Department.

More information to become available soon. The SWCRC will distribute information as it becomes available.

Original source can be found here.