Michigan Entrepreneur Resilience Fund

Michigan Entrepreneur Resilience Fund

Overview:

With the generous support of MEDC, NEI, Michigan-based foundations, corporate partners, individual donors, and in collaboration with the SBA, the Michigan Entrepreneur Resilience Fund has secured funds to provide recovery grants and loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.

The Michigan Entrepreneur Resilience Fund will provide two primary avenues of funding:

  • Grants: $1,000 – $5,000 grants to assist with reopening or pivoting your business.
  • Microloans: $5,000 – $10,000 loans with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans.

Eligibility Requirements to apply for a Resilience Grant:

  • Your business is ready to pivot, reopen and/or accommodate this new business environment.
  • You have generated business revenue for at least 12 months with a maximum of $500K in annual revenue and you have fewer than 50 employees.
  • You can demonstrate a negative impact on your business operations due to COVID-19.
  • You are able to submit a Cash Flow Forecast and Recovery Plan. A template will be provided by Michigan Women Forward within the application.
  • Michigan-registered and in good standing (provide Certificate of Goods Standing) with priority given to:
    • Businesses located in disadvantaged area within a U.S. Small Business Administration designated HubZone or
    • Opportunity Zone. Check the following maps: HubZones and Opportunity Zones.
  • (Recommended, Not Required) You are able to provide historical financial statements for your business (i.e. P&L statement).
  • You are a low-to-moderate income business owner.

 

Read the full article on the MWF Website