Capital Access Responds to Needs of Michigan Businesses Impacted by COVID-19
Michigan Economic Development Corporation’s Capital Access team has continued to remain responsive to the needs of Michigan businesses that are working to economically recover from the COVID-19 virus. Through a partnership with Community Development Financial Institutions (CDFI), including Northern Initiatives, Metro Community Development and Detroit Development Fund, businesses across the state have received critical capital needed to continue their operations and to position themselves for future growth.
Between the three loans mentioned above, businesses in all counties in Michigan have been provided access to a total of $5 million in micro loan funds facilitated through the Capital Access program.
These micro loan funding programs aim to assist those businesses that have been most impacted by the COVID-19 virus, with an emphasis on businesses located in economically disadvantaged areas. Examples include restaurants, coffee houses, retail stores and service providers. Businesses can use these loans for working capital, acquiring machinery and equipment, and inventory.
When the State of Emergency was declared on March 10, the Michigan Economic Development Corporation (MEDC) moved swiftly to provide vital economic support to businesses, entrepreneurs, workers and communities throughout all 83 counties of the state, while enabling Michigan’s Arsenal of Innovation to support the frontlines in the fight against COVID-19
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Read about other ways MEDC is helping to drive economic recovery around the state.
How Capital Access Can Help
Capital Access’ core programs provide opportunities for small- and medium-sized businesses across the state to access financing that may not otherwise be available. Any business that has been affected by COVID-19 is eligible to receive support through the Collateral Support and Loan Participation programs. We encourage participating lenders across the state to work with their existing business customers to consider whether these programs could offer access to critical capital, with our team standing ready to help.
For Capital Access Program information, contact Amber Marlatt at marlatta2@michigan.org. For Loan Participation and Collateral Support information, contact Aileen Cohen at cohena@michigan.org.
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New Tools and Resources Available to Help Launch and Grow Michigan Small Businesses
Small businesses across the state now have access to new tools and resources to help them launch and grow in Michigan. MEDC’s Capital Access and Community Development teams have partnered with Northern Initiatives to offer an online learning portal that gives small businesses access to valuable resources to help them grow and thrive in today’s economy. These resources cover topics such as money, marketing and management issues, and COVID-19 reopening resources.
In order to make the best use of this portal, MEDC has launched the Initiate Business Retention Training Series for local units of government, downtown development authorities and others that support small businesses within their districts, as well as financial institutions and other resource providers who utilize the Capital Access Program.
The training series will focus on how to use the portal and how to assist a small business owner in navigating the available resources. The first training in the series, “Getting Started with Initiate,” starts June 30.
Find more information about the online learning portal, the new tools and resources available and sign up today for the upcoming training series.
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Company Highlight: National Filters
Based in Harbor Beach along the Lake Huron shoreline, National Filters, Inc. has built a name for itself in manufacturing top quality filtration products since 1986. When the COVID-19 outbreak hit Michigan in early March, National Filters faced the same challenges facing small business across the country. Maintaining enough cash flow and resources to support its workforce as the virus spread presented significant challenges, and as a result, National Filters was forced to make difficult cuts to its workforce in order to stay afloat. Faced with these challenges, National Filters found a new opportunity to retool and pivot its production line to manufacturing critically needed personal protective equipment (PPE).
Read about how the company was able to quickly retool and support both COVID-19 response efforts and its own workforce, thanks to the assistance of Capital Access’s Collateral Support Program.
