Joe Pagano, Author at Downtown Flat Rock

Public Notice for April 2020 Virtual Meeting of the DDA via “Zoom”

March 27, 2020 By Joe Pagano

City of Flat Rock, Michigan

Public Notice for Virtual Meeting of the DDA via “Zoom” Scheduled for 7:00 p.m. on Thursday, April 2, 2020

The City of Flat Rock’s priority is always the health, safety, and welfare of residents, businesses, visitors and its staff. Flat Rock has proactively taken steps to prevent the further spread of the coronavirus (COVID-19) throughout the city, including hosting of virtual meetings. All City Council, Commission and Board meetings will be conducted as virtual meetings until further notice.

The DDA of the City of Flat Rock will be held via “Zoom” online meeting platform. City Hall is closed to the public. The meeting is open remotely to the public to follow along and participate during the public portion of the meeting.

To attend the meeting from your browser, please Click Here.
To attend the meeting by phone:
- Call: (312) 626-6799
  - Use webinar ID: 420 236 003
- To attend the meeting via Zoom mobile app use meeting ID:
  - 420 236 003

Should you have any questions or would like to provide input on any business that will come before the public body at the meeting, please contact Liz Hendley at (734) 782-2455 or via email ehendley@flatrockmi.org

As required by the Americans with Disabilities Act of 1990, access to all programs, services and activities provided by the City of Flat Rock are available to individuals with disabilities with 48 hours’ notice. Individuals who believe they are in need of an accommodation should contact the Flat Rock City Clerk’s Office.

Small Business Relief Loans Available

March 25, 2020 By Joe Pagano

Wayne County and TCF Bank launched a $6 million small business relief loan program.

Program details

Loans will be for a term of 12 months with interest rates of two percent or less
- First six months consist of interest only payments
- Amortizing payments during second six months, with balloon payment at the end of the 12 months
Available loan amounts will range from $5,000 to $50,000, depending on number of employees
Loan to be secured by business collateral, with guaranties by individuals with at least 20% ownership

Eligibility

Business has been established for at least one year
Credit approval guidelines are met
Business is:
- identified as a small business, which is a business that employs fewer than 100 employees or has revenue of approximately $1MM or less
- located in a low income census tract
- in good standing with County, State and not in delinquency with creditors, prior to COVID-19 emergency
Business suffered substantial hardship (at least 25% loss of revenue) due to COVID-19 emergency and will use proceeds to assist with that hardship

Click Here for the entire outline of this program.

COVID-19 Vital funding for the State of Michigan small businesses

March 19, 2020 By Joe Pagano

Michigan Small Business Relief Program will provide up to $20 million in grants and loans to Michigan’s small businesses impacted by COVID-19 outbreak

LANSING, Mich. – Economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today.

“We understand small businesses across our state are facing unprecedented challenges as we take every step possible to mitigate the spread of coronavirus,” said Governor Gretchen Whitmer. “Through decisive actions like those taken today by the MSF Board to authorize relief for small businesses throughout Michigan, we are leveraging every resource available to support our businesses, communities and entrepreneurs around the state impacted by this outbreak.”

The Michigan Small Business Relief Program approved today authorizes the MEDC provide up to $20 million in support for small businesses. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. Click Here for that site.

The $10 million in grant funding will be provided to local or nonprofit economic development organizations throughout the state to provide grants up to $10,000 each to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 virus. CLICK HERE for this info.

In order to qualify for grant support, businesses must meet the following criteria:

* The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, as well as meeting additional criteria;
* The company has 50 employees or fewer;
* The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business; and
* The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.

For State of Michigan information on this CLICK HERE.

Additionally, the program will authorize the MEDC to provide up to $10 million for small business loans to one or more Community Development Financial Institutions (“CDFI”) or a licensed SBA not-for-profit institutions (“Eligible SBA Non-Profit”), or directly from the MSF to eligible borrowers to be used to provide low-interest loans with flexible repayment terms to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak. Loans to eligible borrowers must be $50,000 or more and are capped at $200,000. For State of Michigan non-profit loans CLICK HERE.

In order to qualify for loan support, businesses must meet the following criteria:

* The company is in an industry outlined in Executive Order 2020-9 (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;

* The company has fewer than 100 employees;
* The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;
* The company can demonstrate that it is unable to access credit through alternative sources;
* The company can demonstrate an income loss of as a result of Executive Order 2020-9.

The MEDC anticipates that at least 1,100 businesses across the state will benefit from this program.

The Michigan Small Business Relief Program will be a top priority for the MEDC, with funds being available no later than April 1, 2020. Loan and grant proceeds under the Michigan Small Business Relief Program may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business. Through this program, in combination with other programs and services, the state will ensure economic support is available to Michigan’s small businesses to overcome anticipated loss of revenue as a result of the COVID-19 virus through both grant and loan opportunities.

“With the outbreak of COVID-19, many small businesses are faced with significant economic impacts, including challenges with cash flow and resources to support their workforce,” said MEDC CEO Mark A. Burton. “The Michigan Small Business Relief program will provide immediate assistance to the small businesses around the state who are facing revenue loss as a result of tough, but necessary steps that have been taken to mitigate the spread of the virus.”

The Michigan Small Business Relief Program (CLICK HERE) is the latest effort of MEDC to support Michigan businesses as they are impacted by COVID-19. MEDC has just launched a new free, statewide online procurement platform

for buyers and suppliers of critical health and human services across a broad range of categories to minimize the impact of the virus in the state. The platform will allow health and human service providers in need of critical supplies to connect with suppliers of vital goods and services. (Procedure Platform information CLICK HERE)

It also builds Governor Whitmer’s application for a U.S. Small Business Administration Economic Injury Disaster Loan (EIDL) declaration to ensure federal economic support is available to Michigan businesses. Earlier this month, Congress passed legislation making $1 billion available to the SBA to provide low-interest loans to small businesses, small agricultural cooperatives and nonprofits that have suffered substantial economic losses due to the COVID-19 outbreak. These loans offer up to $2 million in assistance to support businesses with any temporary loss of revenue they are experiencing due to the outbreak, and will have a significant regional impact for communities across the state as the COVID-19 situation evolves. (Small Business Disaster Loan information CLICK HERE)

For more resources for small businesses in Michigan impacted by COVID-19 (CLICK HERE)

About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, CLICK HERE . For Pure Michigan® tourism information

Join the conversation on: MEDC Facebook

Join on Instagram at MEDC Instagram

Join on Twitter MDEC

And on LinkedIn

Michigan Economic Development Corporation,

300 N. Washington Sq.,

Lansing, Michigan 48913

What Should Business Leaders Do When the World Changes?

March 17, 2020 By Joe Pagano

We’re all in the COVID-19 crisis. Unlike most crises, it involves and touches everyone. So, we’re forced to manage it. We’re forced into learning crisis management.

If you’re a small business this often goes beyond just managing yourself and your family. Your crisis management then expands to taking care of your team, employees, and their families.

Hopefully, this brief list helps…

First, and foremost prioritize the health and well-being of your family, friends, and neighbors. There is nothing in your business or professional life that is more urgent than those people.
Seek and listen to wise counsel. Crises are not new and will always return. The positive to that truth is there are a lot of people that have been through a crisis and seen what works and what doesn’t.
Communicate with your employees and customers. Tell them what you’re doing, how you can serve them at this moment, and your plan for moving through the crisis. This means shifting from marketing to crisis communications.
Carefully survey what is changing. What are the short-term changes? What are long-term fundamental changes? What changes will change your business?
Look for opportunities that will emerge. Skating to where the puck will be. We’re constantly surveying the market, our clients, and how everything is changing to ensure we are positioned for the future, new normal.