The Michigan Strategic Fund has approved $100 million to be distributed to small businesses that have been negatively affected by the pandemic. | Canva
The Michigan Strategic Fund has approved $100 million to be distributed to small businesses that have been negatively affected by the pandemic. | Canva
The Michigan Small Business Restart Program will use a recently approved $100 million grant to help small businesses in the process of reopening after the COVID-19 fallout, according to Southwest Michigan First.
The grant, approved by the Michigan Strategic Fund, will also assist companies that have suffered an income reduction because of the coronavirus.
"We can further our economic recovery in Michigan by putting federal dollars through the CARES Act to work for the people and businesses across our state through efforts like these grants,” Gov. Gretchen Whitmer said, according to Southwest Michigan First.
The grant will be issued to 15 local or nonprofit economic development organizations, through each of the 83 counties in Michigan.
Southwest Michigan First was also given $7,545,455 to distribute to businesses in the seven counties within its jurisdiction. More than 30% of those funds must be awarded to companies that are owned by women, minorities or veterans.
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