Funding / Financial Relief Resources

Business Relief Grants, Loans and Financial Resources

 

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 Economic Injury Disaster Loan (EIDL)

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all US state, Washington DC, and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL). The purpose of EIDL is for small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred.

 

Program changes as of September 9, 2021:

  • Increasing the COVID EIDL Cap: The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses ad working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period: The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan obligation so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window: To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and distributing funds for loans of $500,000 or less. Approval and distribution of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds: COVID EIDL funds will now be eligible to prepay commercial debt and make payment on federal business debt.
  • Simplification of affiliation requirement: To ease the COVID EIDL application process for small businesses, the SBA has established more simplified requirements to model those of the Restaurant Revitalization Fund.

SBA EIDL website: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl


Shuttered Venue Operators Grant (SVOG)

As of August 20, 2021, SVOG is no longer accepting new applications. The SVOG portal remains open to all active applicants and awardees. Later in August, the SBA will open the program for supplemental SVOGs for 50% of the original award amount, capped at a total of $10 million (initial and supplemental combined). Details will be announced at a later date.

Paycheck Protection Program (PPP)

The PPP ended accepting new applications on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. Loan forgiveness information is available at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness.

Restaurant Revitalization Fund (RRF)

After an overwhelming response to the RRF, the application portal is now closed for new applications.

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.

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 Debt Relief

SBA offers debit relief to existing SBA loan borrowers whose businesses have been impacted by COVID-19.

 

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.

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.

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.

GRANT PROGRAMS

Current Grant Opportunities:

There are no current grant opportunities 

Closed Grant Opportunities:


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