And then the coronavirus hit Michigan.

As business owners across the state closed their doors to help slow the spread of the virus, the pandemic left many businesses – including Paddles & Pedals – facing uncertainty as they worked to recover and eventually reopen.

In April, Michigan Economic Development Corporation’s Capital Access team partnered with Northern Initiatives, a Community Development Financial Institution (CDFI), to offer micro and small business loans to Michigan small businesses impacted by COVID-19 in the 73 counties it serves.

Click below to read the full story and learn how Paddles & Pedals was able to utilize the program to position themselves for long-term success.

Capital Access’ core programs provide opportunities for small- and medium-sized businesses across the state to access financing that may not otherwise be available. Any business that has been affected by COVID-19 is eligible to receive support through the Collateral Support and Loan Participation programs. We encourage participating lenders across the state to work with their new and existing business customers to consider whether these programs could offer access to critical capital, with our team standing by ready to help.

For Capital Access Program information, contact Amber Westendorp at westendorpa1@michigan.org. For Loan Participation and Collateral Support information, contact Aileen Cohen at cohena@michigan.org.

Small businesses across the state have access to new tools and resources to help them launch and grow in Michigan. MEDC’s Capital Access and Community Development teams have partnered with Northern Initiatives to offer an online learning portal that gives small businesses access to valuable resources to help them grow and thrive in today’s economy. If you or your customers have not been able to participate in the Initiate Business Retention Training Series this summer, you’ll have another chance to learn more about this business retention tool in 2021.

The last training in the series, Planning for Year End with Initiate, is scheduled for September 24 at 10 a.m. As we near the last quarter of the year, it is crucial for businesses to prepare to end the year strong and plan for 2021. The training will explore tools in Initiate that will help small business owners to create projections, plan for cash flow, market their services and more.

Summer is coming to an end, and that means that annual credit reporting will be due soon! Keep a lookout for an email containing instructions on completing this year’s annual reporting. This email is scheduled to go out soon with reporting due October 15. You may contact Amber Westendorp at westendorpa1@michigan.org or 517.335.8385 with any questions.