On Wednesday, April 29 Executive David Coulter and the Oakland County Board of Commissioners quadrupled help for small business 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.
This grant program is closed, all funding has been allocated and no new applications will be accepted.
For future grant application opportunities please watch: Grants and Loans
In total, over 3,500 small businesses received grants, which will provide an immediate infusion of capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business.
The stabilization fund was comprised of a $1.15 million grant from the Michigan Economic Development Corp. and a matching grant from the Oakland County Board of Commissioners. Along with $11.7 million of CARES Act funding allocated by the County Executive and Board of Commissioners.
Grant consideration was highly competitive as 7,360 small businesses requested assistance. Applications were sorted by 12 geographic districts and evaluated by a team of local economic leaders from each district. Recommendations were based on their reviews and made in compliance with strict MEDC guidelines. The maximum award was $10,000 although the average grant ranged from about $2,500 to $5,500, depending on district.
Dashboard: COVID-19 Stabilization Fund for Small Businesses — Grants