MMDC distributes loans, grants to businesses in the area | news

Low-interest loans and grants distributed by Middle Michigan Development Corp. likely helped many small businesses in the area stay afloat during nonessential closures associated with the COVID-19 pandemic.

Jim McBryde, president of MMDC, told Mt. Pleasant city commissioners at a meeting earlier this week where many business owners said the money awarded was a “lifesaver” and that none of the companies receiving funds are over. .

Updating commissioners on what MMDC has done to support small businesses during the pandemic, McBryde said the agency was one of 15 selected by Michigan Economic Development Corp. to distribute funds for several state programs and the federal CARES Act.

While MMDC assists businesses in Isabella and Clare counties, Gratiot and Gladwin counties have also received money through the pandemic-affected Michigan Small Business Relief Program, McBryde said.

An average of $ 1,850 was given to 30 companies in County Clare, which received $ 37,000 in MSBRP grants.

In Isabella County, 50 companies were funded with an average grant of $ 1,680 for a total of $ 84,000, McBryde said.

In Gratiot County, $ 49,000 was awarded to 79 companies with an average grant of $ 620.

Gladwin County received $ 30,000, which was given to 20 companies with an average grant of $ 1,500. McBryde said.

In addition to the grants, MSBRP selected MMSDC to distribute an additional $ 200,000 from the MEDC for low-interest loans that were ineligible for the grants due to an increased number of employees; three companies in Mt. Pleasant and one in Clare received $ 50,000 loans at 0.25% interest with a 10-year repayment.

As part of an expanded “Match on Main” program, MMDC has refocused resources on recovery efforts for small businesses affected by the pandemic.

McBryde said MMDC was one of 22 economic development organizations across Michigan to receive $ 48,000 through the Match on Main COVID-19 response program; 22 downtown Mt. Pleasant Businesses have received grants of $ 2,000 or $ 2,500.

An additional $ 45,000 in grants was distributed to small businesses and nonprofits in Isabella and Clare Counties by MMDC based on grants from Dow Chemical, Chemical Bank and the Clare County Community Foundation, McBryde said.

Michigan lawmakers passed $ 100 million pass from the CARES Act in June to fund the Michigan Small Business Restart Program, McBryde told commissioners, adding that MMDC was chosen to distribute $ 3.5 million in grants to small businesses. eligible firms in Isabella, Clare, Gratiot, Gladwin, Arenac and Midland Counties.

Out of 840 of 870 applicants were approved for grants ranging from $ 1,000 to $ 15,000 based on their scores.

While the deadline is December 30, MMDC is reviewing grant agreements with the aim of distributing the funds earlier, McBryde said.

Like many companies, McBryde said, MMDC had to learn to work differently during the pandemic, focusing on helping companies overcome the challenges associated with COVID-19.

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