Bay Future, Inc. Awards $675,000 in Michigan Small Business Survival Grants
Bay Future, Inc., along with the Michigan Economic Development Corporation (MEDC), has announced that 128 Bay County businesses are receiving $675,000 through the Michigan Small Business Survival Grant Program. The program was launched to support the needs of Michigan businesses that have been disproportionately impacted by the COVID-19 virus and the Gatherings and Mask Order.
Bay Future, Inc. received approximately 220 applications from a wide range of Bay County businesses. In tandem with regional partners at Saginaw Future,Inc., Bay Future identified priority industries, locally, as those who have been most adversely affected by the Gatherings and Mask Order. Those included food service establishments, exercise facilities, and recreational facilities and places of public amusement. While those industries were identified as priorities, all applications received ahead of the deadline were considered.
“Funding to support our local businesses in Bay County is critical right now. The last few months have been difficult and have created significant financial burdens on the businesses that play a key role in the quality of life we experience here in our community. We’re thankful for the Michigan Small Business Survival Grant funds and encourage our community members to continue to do their part in supporting small businesses, “said Trevor Keyes, President & CEO of Bay Future, Inc.
A total of 220 Bay County businesses applied, and 128 were awarded grants with an average award amount of $5,200. The program allowed for grants of up to $20,000 to be awarded to businesses that were fully closed, with grants of up to $15,000 awarded to businesses that have been partially closed, or otherwise are open and can demonstrate an impact. Since the start of the COVID-19 Pandemic, Bay Future has executed 13 financial support programs for Bay County businesses with nearly 500 company awards granted and a total of nearly $3 Million in support funds administered.
Approved by the Michigan Strategic Fund on Jan. 14, the Michigan Small Business Survival Grant Program allocated $55 million to provide support to Michigan small businesses to meet the urgent need of businesses that experienced a significant financial hardship due to COVID-19 emergency “gatherings and face mask orders.”
“The Michigan Small Business Survival Program is providing significant support to small businesses helping to get them through this critical time and on the path to economic recovery,” said MEDC CEO Mark A. Burton. “We are thankful for the efforts of our economic development partners, who worked swiftly and diligently to deliver these vital financial resources within their regions and create a path toward economic recovery for small businesses throughout Michigan.”