The following list is meant to provide business owners with a summary of available options for financing. In most cases, we strongly recommend that you apply for each of the following sources of funding.

  1. Complete the Michigan Economic Development Loan application.
  2. Apply for Emergency Injury Disaster Loan with the SBA.
    1. Check the box for the $10,000 grant
  3. Contact your banking partner for more details on the Payroll Protection Program application.

More information is available below. If you have questions or concerns please contact our office.


  1. Michigan Economic Development Corporation (MEDC)

There are 15 economic development organizations (EDO) in Michigan. Each EDO covers a region. For instance, Middle Michigan Development Corporation covers Isabella, Gratiot, Clare, and Gladwin county. The “Michigan Small Business Relief Program: MEDC COVID-19 Response” fact sheet clearly defines county and EDOs.

The fact sheet also provides details related to the grants and loans that are available. Grants, up to $10,000, require a narrowly defined set of criteria. The MEDC loans, which must be between $50,000 and $200,000, is more liberal, but the business must demonstrate that alternative credit sources are unavailable.

The deadline for application is on or before April 1st, 2020. There is only one application needed; it will determine whether or not applicants qualify for a grant, loan, or nothing at all.


MEDC Small Business Relief Program:

MEDC COVID-19 Facts Sheet:


  1. Small Business Administration (SBA)

Economic Injury Disaster Loans (EIDL) are available from the SBA. They are low interest, fixed rate loans that can provide up to $2,000,000 to an eligible business. The SBA is offering loans to areas that suffer substantial economic injury due to a declared disaster. Michigan, like most states, meets the criteria.

A small business is defined as having 250 employees or less, or 1,500 employees or less, depending on which industry a business operates in.

Loans for less than $25,000 can be unsecured. A business without credit elsewhere is eligible for a 3.75% interest rate.

The following is required to fill out an EIDL with the SBA:

  • Business Name, Address, ID#, Telephone Number, Email Address
  • Type of Business
  • Gross Receipts for the last 12 months
  • Cost of Goods Sold for the last 12 months
  • Shareholder Name, Address, SS#, Telephone Number, email address, Place of Birth
    • Has the shareholder been convicted of any crimes or are they under indictment?
  • Date Business Established, Current Ownership Since Date
  • Number of Employees at 1-31-20
  • Bank Information (Name of Bank, Routing#, Account#)

Additional information will be requested via email.

Emergency Grant

The loan application also has an option to receive a $10,000 grant. Any money received under the EIDL grant will reduce the amount that is forgiven under the Paycheck Protection Program loan. Grant amounts do not need to be repaid even if the borrower is denied for the EIDL. Money will be provided within three days of application submission.


  1. Paycheck Protection Program

The SBA’s 7(a) loan program is eligible for partial or full forgiveness under a CARES Act provision. Loans under the Paycheck Protection Program are made through eligible lenders, not directly through the SBA. Any amounts that are not forgive are subject to a 4% interest rate and must be repaid over a period of up to 10 years.

  • Max Loan: 2.5 times employer’s average monthly payroll, limited to $10 million
  • Loan Uses: payroll costs such as wages, retirement contributions, and health insurance (limited to $33,333 per employee for the covered period), rent, mortgage, utilities, and interest on pre-existing debts
  • Forgiveness: eligible amounts for an 8-week period after the date of the loan. Payroll costs, interest, rent, and utilities where service began before February 15, 2020.

Contact your local banking partner for more information. At this time loan applications are not being processed.