The Michigan Strategic Fund will help small businesses that are struggling because of the COVID-19 pandemic.

Around 650 small businesses are eligible for help from the Pure Michigan Small Business Relief Initiative. This initiative, which is funded by the CARES Act will be able to award those businesses with up to $15,000 in grant money. Unfortunately, the deadline for nonprofits has already passed, but other small businesses can begin applying for the grants starting tomorrow, Tuesday, December 15th at 9 am.

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To be eligible for the funding, businesses must be in the following industries:

  • Restaurants, bars, and other food and beverage service providers
  • Travel and tourism destinations including lodging providers and hospitality businesses
  • Live event venues and movie theatres
  • Conference and meeting facilities
  • Ice skating rinks, indoor water parks, and bowling centers
  • Gyms, fitness centers, and indoor recreation facilities

Other eligibility requirements include:

  • Business must be in compliance with all state and local orders related to COVID-19.
  • Have a physical establishment in the Michigan County of Application and is NOT a home-based business.
  • Provide goods or services to multiple clients or customers.
  • Have an active and valid state license(s)/registration(s), if apllicable.
  • Had annual gross revenues in 2019 greater than $25,000
  • and more. 

The application window opens at 9 am on December 15th and grantees will be notified of awards in early January of 2021. The grant funds will then be distributed by the Michigan Municipal League Foundation in mid-late January 2021.

It is a tough time for everyone right now, so continue to shop local and share this information with your small business owner friends!

Source: Michigan Economic Development Corporation

 

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