Michigan put aside $55 million in state assistance to assist struggling small businesses affected by COVID-19 regulations, but just 17% of those who sought received funding.
A total of 5,960 Michigan Small Business Grants were awarded out of over 35,000 applicants. According to state officials, the program is assisting in the retention of almost 54,000 employment in Michigan.
Only 146 businesses won the entire $20,000 incentive. The smallest prize was worth $500.
1.7(A) Loan from the Small Business Administration
SBA 7(A) loans are multi-purpose Michigan small business grants that are typically given to new firms to assist them to get off on the right foot.
- Rates are usually fixed.
- Maximum loan amount specified by the SBA
- Extended periods of up to 25 years available on real estate
- No balloon terms
2.The loan from the Small Business Administration (SBA)
SBA Express Loans are government-backed loans that can be granted to your company rapidly to help you pay for things like inventory, new equipment, and other overhead needs.
- Rates are usually variable, although they can be fixed.
- Maximum rates set by the SBA
- Longer durations
- No balloon terms
3.Loan Express
Do you require immediate financial assistance? With the Michigan Business Loan Express, we’ve got you covered. Our Small Firm Express Loans will help you receive the cash you need to get your business up and running quickly.
- Vehicles, Equipment, and Term Loans* up to $150,000
- A 20% down payment is required;
- A decision is made within one business day;
- A $450 fee is incorporated into the loan;
- Borrowers must have ACH and eStatements set up.
4.Line of Credit for Small Businesses
A business line of credit is a flexible loan that allows you to withdraw funds as needed, unlike a traditional business loan, which has strict limits. A small business line of credit can be used to finance short-term assets and inventories, as well as to pay for receivables. Revolving business lines of credit are also available:
- Interest rates that fluctuate (prime + 1 and higher)
- Interest is paid on a monthly basis;
- Annual reviews/draws are made as appropriate
5.Term Loans for Small Businesses
Traditional term Michigan small business grants are one-time capital loans with a defined monthly repayment schedule that can be used to purchase equipment, vehicles, and other business assets.
- Monthly P&I payments
- Monthly P&I payments
- Variable or fixed rate
- Average duration 5 years (may have a draw period of interest only)
6.Mortgages for Businesses
Commercial mortgages work similarly to traditional credit union house loans, with the exception that the lien is secured by commercial real estate utilized for business purposes.
- Variable or fixed rate
- 5 to 10-year term
- Usually requires a 20% down payment
You can read about Ohio small business grants here.
Shuttered Venue Operators Grant from the Small Business Administration
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, which was revised by the American Rescue Plan Act. The program comprises more than $16 billion in grants to closed venues, which will be managed by the Small Business Administration’s Office of Disaster Assistance. As of April 8, 2021, the application procedure is now open. Here is one of the best Michigan small business grants for upcoming businesses.
Small Business Grant from Sam’s Club
This is another of the great Michigan small business grants. Through a Sam’s Club grant, the Local Initiatives Support Corporation (LISC) will give grants up to $10,000. This is exactly the kind of emergency help that small businesses want. LISC will concentrate its efforts on historically underprivileged neighborhoods, particularly businesses owned or headed by women, minorities, or veterans, who frequently lack access to inexpensive funding.
Small Business Recovery Fund at Verizon
The Verizon funding will be used by the Local Initiatives Support Corporation (LISC) to provide grants of up to $10,000 to businesses facing immediate financial hardship as a result of Covid-19, particularly entrepreneurs of color, women-owned businesses, and other businesses in historically underserved communities that lack access to flexible, affordable capital.
Read extensively on small business grants in California.
New Small Business Grants Michigan Restaurant Industry
1.The Strong Fund for Restaurants
To assist restaurant workers devastated by the Covid-19 closures, Samuel Adams and The Greg Hill Foundation are expanding the successful Restaurant Strong Fund to a total of 20 states.
2.CORE: Children of Restaurant Employees
CORE wishes to continue its objective of providing assistance to food and beverage service professionals with children who have been medically diagnosed with COVID-19 while the world faces the worst epidemic in human history. There is a need for documentation.
Small Business Grants Michigan Women
A Google search yields a vast list of results. However, the majority of them appear to be either scams or confusing government (Small Business Administration) sites that need a lot of personal and financial information.
We’re not like everyone else. WomensNet can assist you in locating legitimate grants, loans, and other forms of funding for your business initiative. You’ll still need to work hard and put in some time. However, if you’re serious about taking your company to the next level, you’ll find our website to be a valuable resource.
Our Amber Grant for Women is a terrific place to start. Women in business from Michigan (and the rest of the country) are eligible to apply. Every month, our judges award a $10,000 Amber Grant, so there’s no poor time to apply. If you’re one of our 12 winners at the end of the year, you’ll be automatically entered to win our $25,000 Amber Grant. That means a few minutes of your time right now might result in a total of $35,000 this year.
Please take some time after you’ve submitted for our award to look over the resources listed below. There are folks in Michigan who are eager to assist women entrepreneurs like you. Best wishes.
Michigan Small Business Grants Application
To apply for certain Michigan small business grants, candidates must meet up the following requirements
- Being a company in one of the industries targeted
- Identifying the need for payroll, rent or mortgage payments, and/or utility bills in order to keep or begin a business
- Having at least two (including the owner) but fewer than 50 employees;
- According to HUD guidelines, you must run a for-profit firm.
- Meet the HUD National Goal for Job Retention by keeping jobs that would otherwise be lost if not for employment verification help;
Applicants will also be required to self-certify that they are complying with any state and municipal orders pertaining to COVID-19, including but not limited to those issued by the Department of Health and Human Services (DHHS) and county health departments.
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Conclusion
It is not easy to start and run a small business in Michigan. In the state of Michigan, over $135,808,000,000.00 is spent on employee salaries and payroll, while over 71,004 enterprises file for bankruptcy per year.
Although the federal government does not publicly provide grants for beginning and expanding a business, some Michigan small business grants prepared by the government are available in to help entrepreneurs start and grow their businesses, and grant recipients are not required to repay back Michigan small business grants the government.
As a result, it makes sense to consider small company grants as one of your funding options.
