Lakeshore Advantage was awarded by Michigan Economic Development Corporation (MEDC) the opportunity to administer the Michigan Small Business Relief grant and loan program in Allegan and Ottawa Counties.
Grant: Statewide, MEDC has designated $10 million to distribute to businesses that have been negatively impacted by COVID-19 with 50 or fewer employees. Lakeshore Advantage will receive $300,000 in grant money available for Allegan and Ottawa County small businesses with fewer than 50 employees, with a maximum grant amount of $10,000. Our team will be working with our local Chambers and banking leaders to carefully vet the limited number of businesses funded.
Loan: Statewide, MEDC has designated $10 million to distribute to businesses that have been negatively impacted by COVID-19 with 100 or fewer employees. Loans are between $50,000-$200,000. Lakeshore Advantage will be working with local banking leaders to vet and process these applications. MEDC will make the final funding decisions for this program.
Applications for both the grant and the loan (same application for both programs) open at www.lakeshoreadvantage.com/covid-19 on Monday, March 30 and close Monday, April 6 at 5pm.
“Small businesses affected by COVID-19 need financial resources, and this is a monetary tool we are able to provide through administering this grant and loan locally,” said Jennifer Owens, president, Lakeshore Advantage. “Outside of this program, we are in touch daily with businesses and polling them weekly to know what resources they need right now and our team is diligently making those connections to help.”