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Thanks to the Michigan Small Business Relief Grant Program, 80 small businesses across the U.P. will be receiving funding, for normal business expenses such as payroll, rent and utilities, as they battle the COVID-19 pandemic.
The 15 counties in Michigan’s Upper Peninsula received $500,000, with the average grant award to businesses being $6,250.
Businesses were eligible for the funding if they have 50 employees or less, and could prove they were adversely affected by the COVID-19 pandemic.
InvestUp, was selected by the Michigan Economic Development Corporation as the fiduciary for the $500,000, which were chosen and dispersed by a committee of regionally focused partner organizations.
While the grants were welcomed by the businesses who were awarded them, it wasn’t nearly enough, as close to 800 small businesses applied, and only 80 were approved.
Marty Fittante, CEO of Invest Up stated “The number of approvals was a fraction of the businesses severely impacted by the ongoing crisis.”
If your small business is in need of help, it’s recommended you get your financial documents in order, and contact your local economic development agency.
