Lansing's New COVID-19 Small Business Fund
The city of Lansing is launching a COVID-19 “rescue fund” on Monday, designed to help small businesses stay afloat.
Phase one of Lansing’s small business recovery program starts with the opening of a four-day application period.
Mayor Andy Schor says the city has been able to repurpose some loan dollars through Lansing’s Economic Development Corporation and put that money towards $10,000 rescue grants. He expects about 40 businesses to get a grant. “We have a lot of businesses who are applying for a lot of grants and getting into debt, which is good to keep them open," says Schor, "but a lot of them are saying they really need grant assistance.”
“We expect maybe 400 or 500 applications, and we’re going to have about 40 grants," Schor continues, "so we’re not going to be able to support everybody, but we’ll do our best to support those that need these kinds of dollars to stay in business.”
Businesses must be within Lansing city limits, have 25 or fewer employees, and show 2019 revenues of less than $1.5-million dollars. Businesses that have already gotten an MEDC Small Business Relief Fund Grant from the Lansing Area Economic Partnership are not eligible.
Awardees will be notified during the week of April 27th.
Find the application here.
Schor says it’s possible that the fund could get additional federal dollars that would increase the number of awardees, either now or in a second round of applications.