Over the last month, our staff has been working to help quickly allocate funds to small businesses in Bay County. We are thankful for the philanthropic support of Dow, providing
$500,000
to the Great Lakes Bay Region (
read press release here
) as well as the Michigan Economic Development Corporation (MEDC) Small Business Relief Program for providing
$400,000
to Arenac, Bay, Midland, and Saginaw Counties (
read press release here
).
We received nearly 1,400 applications (350+ applications from Bay County companies) for grants that are being distributed to businesses in Arenac, Bay, Midland and Saginaw Counties. This is certainly a true measurement of the pain in our community at this time.
These applications were scored and selected based on guidelines set by the MEDC, including the company’s location in a downtown or high impact corridor, financial information, working capital needs, and employment status. With the need highly outweighing funding available, applications were thoroughly evaluated with conscientiousness and thoughtful consideration. These were not decisions that were taken lightly.
Through these programs, we were able to allocate
$180,000 to 59 Bay County small businesses.
The remaining applications received will be held as we continue to work toward additional funding being made available. We have also forwarded on qualifying applicants to the small business loan review committee through the MEDC.
For our friends working at nonprofits, there is additional local assistance available to you, the Bay Area Community Foundation has established a
Nonprofit Operating Support Loan Program
with $250,000 funds available and a maximum amount of $20,000 per request. More information can be found
here
.
We truly thank and appreciate you and your business for your time and for your commitment to our community. Bay Future, Inc. will continue to work tirelessly to bring resources and aid to our Bay County businesses that will allow for economic sustainability and growth, now and in to the future.
Please do not hesitate to reach out if you have questions. We are not all in the same boat, but we are all in the same storm together.
Happy reading and stay safe,
-Trevor Keyes, EDFP
President & CEO
Bay Future, Inc.