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MEDC | Financial Support Available for Small Businesses, Small Farms

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Financial Support Available for Small Businesses in Detroit, Highland Park, Hamtramck

Detroit Development Fund (DDF) is now accepting applications from small businesses in Detroit, Highland Park and Hamtramck to make micro and small business loans ranging from $5,000 to $250,000. Funding is the result of a $1 million loanauthorized by the Michigan Strategic Fundthrough theMEDC Capital Access program, and DDF expects to provide 30 to 40 loans to businesses that require patient, flexible working capital to re-open or re-establish operations as a result of the COVID-19 pandemic.

 
 
 
$1.25 Million in New Grant Funding Available to Michigan’s Small Farms
 
 

As a result of high demand for the Michigan Agricultural Safety Grant program, and a clear need to help small farms mitigate risks of the COVID-19 virus in their operation, the MEDC today announced a new grant funding opportunity for small farms. The MEDC Small Farm Safety Grant program will award $1.25 million in grants to farms with less than 10 employees to fund COVID-19 mitigation costs. Grants will be limited to $1,000 per employee, and the program will cover costs associated with testing costs, personal protection equipment, facility needs, increased sanitation costs, employee training, and upgraded safety procedures for farm-provided housing incurred from June 1, 2020 through Sept. 15, 2020. Eligible applicants will be able to apply for funding starting Tuesday, July 21 at 9:00 a.m. ET.

 
 
 
 
Upcoming Webinar: Michigan Restaurants Remain Resilient in the Wake of COVID-19
 
 

From expanded carryout menus to carving out physical space to allow for additional patrons, Michigan restaurants and communities have pivoted and innovated in the wake of COVID-19. Hear from restaurateurs and communities about how they created new sources of revenue while complying with safety and social distance guidelines – and learn what’s on the horizon for the Michigan restaurant industry. Join the MEDC and Crain’s Detroit Business for a free webcast on July 29 at 12 p.m. ET.

 
 
 
 
Additional Resources Available Online
 
 

Access additional COVID-19 resources for businesses and communities by visiting michiganbusiness.org/covid19.

Read more about programs supporting economic recovery for Michigan businesses by visiting michiganbusiness.org/covid19response.

Visit michigan.gov/coronavirus to find other valuable resources for employers, workers, residents and communities.

About Michigan Economic Development Corporation (MEDC) The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org

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