Kalamazoo microbusinesses can apply for $5,000 grants. As many as 99 small businesses will get financial assistance. The money is being offered by the United Way, the Kalamazoo city council, charities, and the Foundation for Excellence. All applicants need to have 10 or fewer employees. The funding is also part of federal government grant and relief programs. The funds can be used to pay the bills or provide general working capital. All applicants need to have been in business for at least one year. Read more here. https://changethestory.org/micro-enterprise-grants/
March and April 2021
$5,000 forgivable loans are offered by the Saginaw Economic Development Corporation for businesses local to that community. The funds are the result of the federal government CARES Act. The focus is on businesses, including minority, women and veteran, that have been impacted by COVID. Beauty salons, pubs, restaurants, law offices and others can apply for an interest free loan. Apply here. https://www.saginaw-mi.com/departments/community_and_economic_development/saginaw_economic_development_corporation/index.php
January and February 2021
A form of capital is being offered to “second-stage” businesses in the Grand Rapids Michigan area from the New Community Transformation Fund. It will invest in businesses owned by people of color, either men or women. The funds are a form of equity investment. It is a form of venture capital for minority owned companies, and learn more or apply here. https://blackstar.fund/
Michigan Small Business Survival Grant Program, as funding allows, will pay up to $20,000 for closed businesses or $15,000 for partially open businesses that have been impacted by COVID. Women and minority owned companies can apply, and the aim is to help small businesses that have suffered from the pandemic. Apply for free government grants here. https://www.michiganbusiness.org/about-medc/covid19/survival/
There are also grants and loans in MI that were for calendar year 2020. Those agencies can give referrals too. Find more on Michigan MWBE grants and loans in 2020.
By Jon McNamara