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Michigan Small Business Relief Program - Loan
The program will be used to provide low-interest loans to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 pandemic. Loans to eligible borrowers must be a minimum $50,000 and are capped at $200,000. Loans provided under the program may include the following terms:
The program will be used to provide low-interest loans to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 pandemic. Loans to eligible borrowers must be a minimum $50,000 and are capped at $200,000. Loans provided under the program may include the following terms:
- Interest Rate: .25% per annum
- Draw Period: 24 months following loan closing.
- Term: Interest only for 60 months following loan closing followed by a fully amortizing 60 month
- term.
- Repayment Terms: Anticipated to be monthly interest only payments for the first 60 month of following closing. Payments made in excess of interest due will be applied to principal. Payments of principal and interest will begin at 61 months following closing and will be paid monthly with all principal due to be repaid no later than 120 months following closing.
- The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;
- The company has fewer than 100 employees;
- The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;
- The company can demonstrate that it is unable to access credit through alternative sources;
- The company can demonstrate an income loss of as a result of Executive Order 2020-9.
DOWNLOAD THE APPLICATION HERE: |
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IMPORTANT: The downloadable application above is an Excel file that contains TWO separate tabs which must be completed for submission. These tabs are labeled "Qualification" and "Application".
Return the completed application as an attachment by
April 1st to:
businessrelief@shiawasseechamber.org
April 1st to:
businessrelief@shiawasseechamber.org
Email Questions to businessrelief@shiawasseechamber.org
