The application process for the Small Business Restart Program (SRBP) has closed and we are now in the review process.
Following months of economic disruption caused by the COVID-19 crisis, the federal government made small business support funds available. The Michigan legislature created a small-business restart program with $100 million received from the Federal Coronavirus Relief Fund. Out of these funds, Monroe County will receive $1.2 million in grant funding. Monroe County received 295 applications in response to the grant offering, with requests equal to nearly $5 million.
A local committee was formed to review these applications which is comprised of staff members from the Monroe County BDC, the Monroe County Economic Development Corp., and the Monroe County Community Foundation. Each application is being examined using the following criteria:
- The business or nonprofit is able to demonstrate it is affected by the COVID-19 emergency
- Working capital is needed to support eligible expenses
- The business or nonprofit has had an income loss as result of the COVID-19 emergency
- Local Criteria includes phase of reopening, funding previously received and community impact
- 30 Percent of the funds awarded will be provided to women-owned, minority-owned or veteran-owned eligible businesses.
Once the local committee completes their review, a list of the awardees will be submitted to Ann Arbor Spark, our regional economic development group lead. Ann Arbor Spark will in turn submit the entire 6-county region (Hillsdale, Jackson, Lenawee, Livingston, Washtenaw, and Monroe) awardees to the Michigan Economic Development Corporation (MEDC). The disbursement of funds will be handled by Ann Arbor Spark and is expected to be completed sometime in September.
We are hoping that the funding decisions made will benefit Monroe County’s struggling business community during these challenging times. If we can help or you have any questions, the BDC staff may be reached via email at bdc@monroecountybdc.org or by calling 734-241-8081.
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