Grants and Loans

​With the generous support of MEDC, NEI, Michigan-based foundations, corporate partners, individual donors, and in collaboration with the SBA, the Michigan Entrepreneur Resilience Fund has secured funds to provide recovery loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.

• Microloans: $5,000 – $10,000 loans with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans.
• Loan Forgiveness: Microloans that meet SBA eligibility requirements will receive loan payment forgiveness for the first six months of the loan’s term. 
  

​Provided below is a link to The Michigan Economic Development Corporation's (MEDC) collection of grants, loans and other resources for Michigan businesses. If you have any questions or wish to speak to MEDC directly, please call 888-522-0103.

Learn more about these federal Small Business Administration loan programs from the Michigan Small Business Development Corporation (SBDC). The SBDC’s easy to use tutorial can help businesses learn which of these loan programs may work for their business.

PPP

A loan that helps businesses keep their workforce employed during the Covid-19 crisis.

• May 5th Update –Significant funding remains for the Paycheck Protection Program. Businesses are encouraged to contact your lender to apply for the PPP.

EIDL

A loan advance to provide up to $10,000 of economic relief to business that are currently experiencing temporary difficulties.

​In response to COVID-19, the Oakland County Executive and Board of Commissioners have established the Oakland Together Community Response and Recovery Fund (CRRF) to provide support to individuals and families negatively impacted by the pandemic.  The fund will also provide support for community nonprofit organizations that need assistance to safely re-open their organizations under new protocols established by the Centers for Disease Control, the State of Michigan and the Oakland County Health Division. 

Through this fund, the Oakland County Executive and Board of Commissioners have made $10 million available to nonprofits in the health and social services sectors, serving residents of Oakland County through a competitive grant award process administered by United Way for Southeastern Michigan.

On Wednesday, April 29 Executive David Coulter and the Oakland County Board of Commissioners quadrupled help for small businesses impacted by the COVID-19 crisis. The Oakland County Small Business Stabilization Grant program awarded an additional $11.7 million to Small Businesses in Oakland County.  

Award announcements were sent out on Tuesday May 19. This was a highly competitive process. We received over 7,000 grant applications and were able to fund 49 percent of the applicants based on the requirements outlined in the application.  This funding along with the initial $2.3 million brings the total to $14 million in small business relief.

Oakland County Executive David Coulter and the Oakland County Board of Commissioners are committed to helping our small businesses and helping our health care systems above water, supporting their many employees and keeping our residents safe.
 
The Oakland County Small Business Stabilization Fund set aside a total of $1 million with the goal of increasing the availability of desperately needed items to help produce personal protective equipment (PPE) and in this new round of funding help companies that can play a role in helping Oakland County businesses re-open safely. 
 
The deadline to apply is June 26, 2020.