Free online resource session will provide information on how to apply for emergency loan and grant funds

The State of Michigan and Oakland County are providing immediate help for small businesses impacted by the COVID-19 pandemic and the resulting Executive Order 2020-20. The state grant will assist qualifying small businesses up to $10,000 to help offset losses or expenses resulting from the coronavirus emergency by April 1, 2020. Businesses must be able to verify that they have been adversely affected by the Coronavirus directly and that they are unable to obtain other traditional means of assistance via SBA or bank assistance.

The city of Southfield, Southfield Area Chamber of Commerce and the Southfield Downtown Development Authority will host a free online resource session to help your business better understand and navigate this important process!

Virtual Town Hall for Business on Tuesday, March 31 at 10 a.m.  Simply click on this link to view and participate: https://teams.microsoft.com/l/meetup-join/19%3ameeting_NzAyMDg0NGEtOWNlMS00NTU3LThmMGMtNzBiOWJjMTQ5ZThk%40thread.v2/0?context=%7b%22Tid%22%3a%220d1c417f-583d-4f1d-8a59-bfd6ea132b57%22%2c%22Oid%22%3a%22de16292c-9108-4b1c-a249-f83e74d6f667%22%2c%22IsBroadcastMeeting%22%3atrue%7d.

Click here for Grant / Loan Application: https://www.oakgov.com/covid/businessrelief/Pages/medcstabilizationgrant.aspx.

Grant Criteria:

• Businesses less than 50 employees;
• Business located in high-impact corridor;
• Company needs working capital to support payroll, rent/mortgage, utility expenses and/other normal business expenses;
• Funding granted on a competitive basis and very limited; and
• Administered by City of Southfield and Oakland County Economic Development.

Loan Criteria:

• Loans range from $50,000 - $200,000;
• Interest Rate 0.25%;
• Term of loan is interest only for 60 months; and
• Administered by Michigan Economic Development Corporation.

For more information, call City of Southfield Director of Business & Economic Development Rochelle Freeman at (248) 796-4161 or e-mail rfreeman@cityofsouthfield.com.