Lakeshore Advantage to distribute small business relief funds

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Courtesy Lakeshore Advantage

Lakeshore Advantage was awarded $300,000 in grant funds from the Michigan Economic Development Corporation (MEDC) to assist small businesses suffering financially as a result of COVID-19.

MEDC allowed the economic development organization to administer the funds through the Michigan Small Business Relief grant and loan program in Allegan and Ottawa counties.

“Small businesses affected by COVID-19 need financial resources, and this is a monetary tool we are able to provide through administering this grant and loan (program) locally,” said Jennifer Owens, president, Lakeshore Advantage. “Outside of this program, we are in touch daily with businesses and polling them weekly to know what resources they need right now, and our team is diligently making those connections to help.”

Grants

The MEDC designated $10 million to distribute to Michigan small businesses that have been negatively impacted by COVID-19.

Lakeshore Advantage will receive $300,000 in grant money for Allegan and Ottawa county small businesses with fewer than 50 employees, with a maximum grant amount of $10,000.

Grants may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business.

The Lakeshore Advantage team will work with local chambers of commerce and banking leaders to vet the limited number of businesses funded.

Loans

Statewide, MEDC designated $10 million to distribute to businesses that have been negatively impacted by COVID-19 with 100 or fewer employees.

Loans are between $50,000-$200,000.

Lakeshore Advantage will work with local banking leaders to vet and process these applications. MEDC will make the final funding decisions for this program.

Application form

Applications for the grant and the loan (same application for both programs) opened at lakeshoreadvantage.com/covid-19 on Monday and close at 5 p.m. April 6.

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