Dear Ironwood Business Owners,
We are starting to get more details on the next round of small business relief from the state. Here is our press release with more details on the program.
Michigan Small Business Restart Program Grant Applications
Available on Wednesday, July 15, 2020
Over $4.5 million in funding allocated to Upper Peninsula
Wakefield, Ironwood, and Bessemer, MI (July 9th, 2020) – A second round of grant funding is being made available by the Michigan Economic Development Corporation (MEDC) through the Michigan Small Business Restart Program which is intended to infuse an additional $100 million in grant funding to small businesses throughout the State. The funds were appropriated via the federal CARES Act funding through SB 690 and authorized by the Michigan Strategic Fund to be administered by 15 local and nonprofit economic development organizations across the State. $4,545,455 has been allocated to the Upper Peninsula to be administered through InvestUP, a regional economic development organization representing all of Upper Michigan.
To qualify for grant support, Michigan-based organizations with 50 or fewer employees, must meet the following criteria, based on statutory requirements for the program:
- Is a business or nonprofit that can demonstrate it is affected by the COVID-19 emergency
- Needs working capital to support eligible expenses
- Demonstrates an income loss as a result of the COVID-19 emergency
- Has not received a grant through the Michigan Strategic Fund’s Michigan Small Business Relief Program. Businesses who have received support through other COVID-19 relief programs, including the Michigan Small Business Relief Program loans, are eligible to apply for Restart grants.
- Grants must be used for expenditures made between March 1, 2020 and December 30, 2020 that meet the following criteria:
Necessary expenditures incurred due to the public health emergency with respect to COVID-19 (such as resulting from employment or business interruptions due to COVID-19)
Working capital to support payroll expenses, rent, mortgage payments, utility expenses, costs related to reopening a business or nonprofit, or other use authorized under the CARES Act.
Additionally, at least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.
The Michigan Small Business Restart Program application will be live starting Wednesday, July 15 at michiganbusiness.org/restart and run through Wednesday, August 5. Applicants can apply for up to $20,000 in grant funds.
The cities of Bessemer, Ironwood, and Wakefield have worked with numerous businesses during the COVID-19 crisis and has seen first-hand the struggles they continue to face to recover and rebound economically. We are grateful to the legislature and MEDC for making these much needed grants possible and stand ready to work with the businesses in our region to take advantage of the opportunity. “When the first round of funding was made available by the MEDC, we saw a need that was nearly 10 times that of the funds available,” stated Marty Fittante, CEO, InvestUP, “we know the need to support the small business community that is the backbone of the U.P. remains and will continue to partner with the economic development organizations across the U.P. to disseminate these funds accordingly.”
Additional information outlining the guidelines and FAQs can be found at www.update906.com.
As we start to see more cases in our area, its important to follow health department guidelines on how to operate our businesses in the safest way possible. Here are some helpful links.
As always, if you have any questions you are welcome to contact me by email or phone at firstname.lastname@example.org or at 906-285-9013.
Take care everyone,
Community Development Director
City of Ironwood
213 S. Marquette Street
Ironwood, MI 49938
906-932-5050 ext. 126