Michigan Economic Development Corporation (MEDC) has been authorized to provide up to $20 million in support for small businesses facing drastic reductions in cash flow and the continued support of their workforce.  Through the Michigan Small Business Relief Program, the funding is divided between $10 million in small business grants and $10 million in small business loans.

Delivered through local or nonprofit economic development organizations, the $10 million in grant funding will be for up to $10,000 each to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 virus.

Learn more about the new program from the MEDC website.