St. Clair County Business Relief Grants

March 25, 2020

St. Clair County, Michigan 

The Michigan Economic Development Corporation (MEDC) has approved a regional grant for the I-69 Thumb Region submitted collaboratively by Region 6 economic development partners.  Approval of this grant in the amount of $850,000 allows the I-69 Thumb Region, consisting of seven (7) counties, to issue prompt Small Business Relief funding.  St. Clair County’s portion of the grant is approximately $142,000.

As of Thursday, March 26th applications will officially open and close on Sunday, March 29.  St. Clair County small businesses are encouraged to apply online via the Economic Development Alliance’s website at https://edascc.com/covid19.  

SMALL BUSINESS RELIEF GRANTS – ST. CLAIR COUNTY, MI

 In order to qualify for grant support, businesses must meet the following criteria:

• The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, as well as meeting additional criteria;
   
• The company has 50 employees or fewer;
   
• 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
   
• The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.

Small Business Grant funding provided by the Michigan Economic Development Corporation is intended to provide immediate grant support for businesses hardest hit by COVID-19.

EDA is coordinating the submissions and processing of all St. Clair County applications. Local chambers have been invited to assist the EDA with reviewing applications and making recommendations for awards.  It is anticipated that 14-20 businesses will be awarded grants averaging $8,000 with maximum grants of $10,000. Grant applications selected from St. Clair County will then move forward to be approved by a regional panel. Dan Casey will be sitting on the regional Review Panel as the economic development representative for St. Clair County. The goal of the MEDC and the EDA is to get funds disbursed to businesses quickly.   Applications are by Sunday, March 29. 

Individual business Questions regarding this grant program can be directed to:  
 

Individual Business/Grant Application Questions or Assistance:
Kristy Jones, Director of Business and Community Development
Economic Development Alliance of St. Clair County
810.294.3051 Cell

Michigan Small Business Relief Program - Loan

The program will be used to provide low-interest loans to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 pandemic. Loans to eligible borrowers must be a minimum $50,000 and are capped at $200,000. Loans provided under the program may include the following terms:

Interest Rate: .25% per annum

Draw Period: 24 months following loan closing.

Term: Interest only for 60 months following loan closing followed by a fully amortizing 60 month term.

Repayment Terms: Anticipated to be monthly interest only payments for the first 60 month of following closing. Payments made in excess of interest due will be applied to principal. Payments of principal and interest will begin at 61 months following closing and will be paid monthly with all principal due to be repaid no later than 120 months following closing.

In order to qualify for loan support, businesses must meet the following criteria:

The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;

The company has fewer than 100 employees;

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;

The company can demonstrate that it is unable to access credit through alternative sources;

The company can demonstrate an income loss of as a result of Executive Order 2020-9.

Questions regarding the loan program may be directed to:
Bruce Seymore II
Director of Business and Community Services
810.294.7036 (Cell)

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About EDA of St. Clair County
The Economic Development Alliance (EDA) of St. Clair County is a private non-profit organization that provides general purpose economic development services throughout St. Clair County.  EDA offers a wide variety of services involving business recruitment and business retention and expansion with the overall goal of growing the local economy and enhancing the quality of life for residents in St. Clair County.  The EDA of St. Clair County is supported by a membership of businesses from the private & public sector passionate about supporting community and economic development.