Good Morning Ironwood Business Owners,
This email is Part 1 of 2. Later today I will send out an email addressing some of the new federal opportunities as well. Attached to this email is the application for the Small Business Relief Program through the MEDC. Below is some additional information on the criteria for the grant. The grant will be highly competitive because it doesn’t come close to addressing the need in our community and communities throughout the UP.
As announced earlier this month, the Michigan Economic Development Corporation (MEDC) created the Michigan Small Business Relief Program, which includes $10 million of grant funding to be provided to eligible businesses throughout the State. The Upper Peninsula was awarded $500,000 of that grant funding. For full information outlining the criteria, process, and timeline can be found at www.update906.com.
For a business to be eligible for a Michigan Small Business Relief Program grant application, it must meet the following initial criteria: 1) Provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the Executive Order (EO) and requires additional employees to support companies or employees impacted by EO; 2) the company has 50 employees or fewer; 3) the company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business; and 4) the company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.
In the Upper Peninsula, questions about eligibility and grant applications for the Michigan Small Business Relief Program will be available from the respective local economic development organization (EDO) in the city or county in which the business is located beginning at 8:00 a.m. on Monday, March 30, 2020. A complete list of local EDO contacts can be found at https://update906.com/local- economic-contacts
The timeline and process is as follows:
Beginning at 8 AM ET
Grant applications available from Local Economic Development Contact
Due by 11:59 PM ET
Grant applications due
4/6/20 – 4/9/20
Grant applications reviewed
Grant recipients notified
Grant money distributed
Community Development Director
City of Ironwood
213 S. Marquette Street
Ironwood, MI 49938
906-932-5050 ext. 126