Entrepreneurs often hear business is never easy, but no one ever brought up the possibility of navigating a small business through a global pandemic. Yet COVID-19 has created that exact scenario.
Several organizations have realized the unprecedented difficulties many small businesses are currently facing and are offering assistance. We here at the Michigan Chronicle are providing a one-stop-shop of resources.
Federal Assistance:
Small Business Administration (SBA), Economic Injury Disaster Loan (EIDL)
- Low interest (3.75%), fixed-rate loan of up to $2 million
- Funds can be used for fixed debts, payroll, accounts payable and other bills.
- No cost to apply, if you are approved there is no obligation to accept funds.
For more information and to apply online, visit https://disasterloan.sba.gov/ela
State/Local Assistance:
Michigan Economic Development Corporation (MEDC), Small Business Relief Program
- $10 million in grants and loans available
- Funds available no later than April 1
- Application forthcoming
For more information and to stay up to date visit https://www.michiganbusiness.org/covid19/
Techtown Detroit, Detroit Small Business Stabilization Fund
- Working capital grants of up to $5,000
- Applications reviewed on a rolling basis and decisions are made as soon as eligibility confirmed
- Business owners must have low or median income and 10 or fewer, employees
For more information and to apply online, visit https://techtowndetroit.org/detroit-small-business-stabilization-fund/
City of Detroit, TechTown Detroit, Detroit Economic Growth Corporation COVID 19 Resources
- Identifies consideration for staff
- Financial planning tips for the business
- Marketing suggestions for consumers
For the complete guide, CLICK HERE
Ann Arbor Spark, Adapting to the Virtual Working World
- Tips for online meetings
- Remote work resources
- Virtual meeting etiquette for businesses
And finally, the Michigan Small Business Development Center is holding daily webinars centered around COVID-19 small business support. Themes include managing your freelance business, sustaining your restaurant business, and a Friday Forum. All webinars are free, but you must register. For times and registration visit https://sbdcmichigan.org/small-business-covid19/
Remember small business owners, you’ve made it through 100 percent of your bad days. Be sure to check the Michigan Chronicle for further support updates.