MI Local Biz Offers Quick Access to Capital for Small Businesses
Michigan Economic Development Corporation, in conjunction with the Detroit-based crowdfunding platform Patronicity, has developed “MI Local Biz,” a creative funding mechanism that offers quick access to capital for small local businesses that have experienced economic challenges as a result of COVID-19.
The MEDC will match crowdfunding raises on a 1:1 basis up to $5,000 for eligible small businesses. Applications will be accepted through the Patronicity platform starting May 18, 2020.
State Supports $1.5 Million Fund to Help Small Businesses
The MEDC partnered with Michigan Women Forward today in announcing the creation of the $1.5 million Michigan Entrepreneur Resilience Fund to help small businesses from geographically disadvantaged areas both survive the COVID-19 outbreak and assist them in retooling and other efforts to meet increased demands in support of COVID-19 response efforts. The fund is administered by Michigan Women Forward with support from other organizations throughout the state. Recovery grants will range from $1,000-$5,000 and microloans from $5,000-$10,000.
MEDC Partners with Reopen Main Street to Provide Recovery Resources
Main Streets across Michigan are currently operating in a new reality due to the impact of COVID-19. As a way to help Main Street directors, downtown development authority managers, small business owners and local stakeholders navigate the complexities of re-opening their local business districts, the MEDC has partnered with Reopen Main Street to compile a variety of recovery resources into one, easy-to-use website. The new website includes reopening strategies, ideas, hints and tips for businesses, business districts and organizations.
Company Highlight: Pfizer
This week, Pfizer announced it would be implementing clinical trials to test a new vaccine manufactured in three of its U.S. sites, including its Portage, Michigan facility. By partnering with a German company known for cancer treatments, the global pharmaceutical manufacturer is aiming to provide a COVID-19 vaccine by the end of the year. Michigan has a strong history of vaccine development, and this announcement further builds on the state’s manufacturing roots and strength in making new products.
Additional Resources Available Online
Access additional resources by visiting michiganbusiness.org/covid19.
Visit michigan.gov/coronavirus to find valuable resources for employers, workers, residents and communities and stay informed on Michigan’s latest efforts to mitigate the impact of the virus on our state’s residents and economy.
Information around this outbreak is changing rapidly. The latest information is available at https://www.michigan.gov/
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