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MEDC | SBA Reopens Economic Injury Disaster Loans and Advance Program

Michigan Business Network
June 16, 2020 3:00 PM

MEDC+Michigan+Economic+Development+Corporation
SBA Reopens Economic Injury Disaster Loans and Advance Program

To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the
Economic Injury Disaster Loan (EIDL) and EIDL Advance program portalto all eligible applicants experiencing economic impacts due to COVID-19.
 

SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses.

 
 
 
 
22 Michigan Communities Receive Nearly $1 Million in Grants for COVID-19 Recovery Efforts
 
 

Twenty-two communities around Michigan have been awarded a total of $993,984 in grants aimed at supporting the COVID-19 economic recovery efforts of small local businesses in downtowns throughout the state. A total of 299 small businesses around Michigan are receiving assistance through the Match on Main COVID-19 Response Program.

 
 
 
 
Community Driven Approaches to Development
 
 

As communities across the U.S. look for ways to recover from these unprecedented time to boost their local economies while developing vibrant places to live and work, MEDC’s Senior Vice President of Community Development, Michele Wildman, weighs in on how Michigan is rewriting the script. Michigan is providing critical technical support at the state level that enables communities of all sizes to create development strategies and enable long-term economic prosperity for residents and businesses alike.

 
 
 
 
Additional Resources Available Online
 
 

Access additional COVID-19 resources for businesses and communities by visiting michiganbusiness.org/covid19.

Read more about programs supporting economic recovery for Michigan businesses by visiting michiganbusiness.org/covid19response.

Visit michigan.gov/coronavirus to find other valuable resources for employers, workers, residents and communities.

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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.