BAY CITY, MI — An inflow of greater than $1 million is coming to Bay County small companies and nonprofits.

Bay Future Inc. and the Michigan Financial Growth Company (MEDC) introduced on Thursday, Nov. 5, that 150 Bay County entities are receiving extra $1.1 million {dollars} by the Michigan Small Enterprise Restart Program. This system was launched to offer aid for small companies which were suffered in the course of the COVID-19 pandemic.

“As we proceed to work to help native companies in Bay County, it’s paramount to have alternatives just like the Michigan Small Enterprise Restart Program,” mentioned Trevor Keyes, president and CEO of Bay Future. “This monetary useful resource will help small companies and nonprofits in overcoming among the monetary burdens introduced upon by the COVID-19 pandemic.”

Bay Future assembled a evaluation committee comprising companies and group leaders to attain small companies’ functions primarily based on standards offered by the MEDC. Funding is offered to eligible small companies or nonprofits that fifty workers or fewer that want working capital to help payroll bills, hire, mortgage funds, utility bills, or different related bills.

In all, 202 small companies utilized and 132 had been awarded grants with a median award quantity of $7,000.

At the very least 30% of the funds was required to be awarded to women-owned, minority-owned, or veteran-owned eligible companies. In Bay County, 65% of the funding was awarded to women-, minority-, and veteran-owned small companies who self-selected within the following classes:

• A couple of class (girls, minority, veteran-owned) = 7%

• Girls-owned companies = 43%

• Minority-owned companies = 11%

• Veteran-owned companies = 5%

Bay Future partnered with the Bay Space Neighborhood Basis to evaluation and rating nonprofit group candidates. Of the 23 nonprofits that utilized, 18 had been awarded grants with a median award quantity of $13,888.

“The Michigan Small Enterprise Restart Program is offering a big alternative to deal with speedy wants of small companies and nonprofits as they work to get better from the impacts of the COVID-19 pandemic,” mentioned Mark A. Burton, CEO of Michigan Financial Growth Company. “We’re proud to work with our financial improvement companions to ship these very important monetary assets and create a path towards financial restoration for small companies all through Michigan.”

Authorized in July, the Michigan Small Enterprise Restart Program allotted $100 million of federal CARES Act funding to offer help to Michigan’s small companies and nonprofits which can be reopening and have skilled a lack of earnings because of the COVID-19 disaster. The funding was distributed throughout native or nonprofit financial improvement organizations (EDOs) protecting all of Michigan’s 83 counties for grants as much as $20,000 to help sure small companies and nonprofits which have realized a big monetary hardship because of the COVID-19 pandemic.

In the meantime, 80 of Michigan’s 83 counties now have a per-capita price of latest coronavirus circumstances that places them on the highest threat stage for COVID-19 transmission, the Michigan Well being and Human Providers Division introduced Nov. 5.

Michigan has reported 24,551 new coronavirus circumstances prior to now seven days, a 48% improve over the 16,556 circumstances reported the earlier week.

As of Thursday morning, Michigan is averaging 351 new circumstances per day per million residents, effectively above the benchmark of 150 circumstances per day per million that marks Degree E, the state’s highest stage for coronavirus threat.

Michigan had 192,096 confirmed optimistic COVID-19 circumstances and 4,101 deaths as of Wednesday, Nov. 4.

Learn extra:

Thursday, Nov. 5, coronavirus data by Michigan county: 80 Michigan counties now at highest risk level based on 7-day case counts

These October metrics are flashing alarms about Michigan’s coronavirus surge

Michigan is setting new coronavirus case records. Why are deaths and hospitalizations still so much lower than spring?

Source link


Write A Comment