With microloan funds still available, the Michigan Entrepreneur Resilience Fund (MERF) has already processed 113 microloans and grants, assisting 94 small businesses with $565,750 in support, the Michigan Economic Development Corporation (MEDC) and Michigan Women Forward announced Tuesday.
Launched by the MEDC with Michigan Women Forward (MWF) in May, in response to the economic impacts of the pandemic on underserved communities, the fund is intended to help entrepreneurs and small businesses negatively impacted by COVID-19 recover from the outbreak, as well as assist them in meeting increased demands in support of COVID-19 response efforts.
While grant funds will be exhausted by the end of July, there are still more than $500,000 in funds available for small microloans to reopen Michigan businesses, with excellent terms and repayment options.
Small businesses interested in applying for microloan support through the Michigan Entrepreneur Resilience Fund can do so now by visiting miwf.org/mwf-entrepreneur-resilience-fund.
“The impact this fund has already had for small businesses and entrepreneurs throughout the state has been critical to ensuring our local economies can continue thriving long after this crisis has passed,” said Josh Hundt, chief business development officer at MEDC. “The support and partnership of Michigan Women Forward in helping get these resources into the hands of small businesses that need them most has been tremendous and will continue to be vital in ongoing economic recovery efforts.”
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