Funding / Financial Relief Resources
In 2021, St. Clair County companies received 142 grant awards totaling over $11 million related to pandemic assistance, energy efficiency, business development and workforce training. The EDA assisted St. Clair County companies throughout the pandemic, connecting companies with business relief, financial resources and grant opportunities crucial to maintaining business operations.
US Small Business Administration (SBA) COVID-19 Funding Options
The US Small Business Administration (SBA) provides a resource of public and private funding options to help small businesses. Browse options available nationally, or input a zip code to explore location-specific funding.
- COVID-19 Funding Options website: https://www.sba.gov/covid-19-funding-sources/index.html
SBA 7(a) Loans
The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.
- SBA 7(a) website: https://www.sba.gov/partners/lenders/7a-loan-program/types-7a-loans
SBA 504 Loans
The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.
- SBA 504 loam program website: https://www.sba.gov/funding-programs/loans/504-loans
Michigan Economic Development Corporation’s Collateral Support Program
The Collateral Support Program seeks to enable suppliers to acquire the necessary financing that might otherwise be unavailable due to a collateral shortfall according to the lender’s analysis. The program will supply pledged cash collateral accounts to lenders to achieve this goal for approved projects.
- Collateral Support Program website: https://www.michiganbusiness.org/services/access-capital/debt-funding-programs/
- Collateral Support Program fact sheet: https://www.michiganbusiness.org/4aef89/globalassets/documents/reports/fact-sheets/mcsp_fact_sheet.pdf
Michigan Economic Development Corporation’s Loan Participation Program
The Loan Participation Program seeks to enable companies to acquire the necessary financing that might otherwise be unavailable due to cash flow shortage according to the lender’s analysis. The program will participate in loans with the lenders to pursue this goal for approved projects.
- Loan Participation Program website: https://www.michiganbusiness.org/services/access-capital/debt-funding-programs/
- Loan Participation Program fact sheet: https://www.michiganbusiness.org/4aef8a/globalassets/documents/reports/fact-sheets/mlpp_fact_sheet.pdf
Michigan Economic Development Corporation’s Capital Access Program
The Capital Access Program uses small amounts of public resources to generate private lender financing, providing small businesses in Michigan access to capital that might not otherwise be available. Similar to a loan loss fund, the bank, the borrower, and the Michigan Economic Development Corporation pay a small premium into a reserve that makes it possible for the borrower to receive financing.
- Capital Access Program website: https://www.michiganbusiness.org/services/access-capital/debt-funding-programs/
- Capital Access Program fact sheet: https://www.michiganbusiness.org/4aef8c/globalassets/documents/reports/fact-sheets/capaccess.pdf
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