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State government combines grants with crowdfunding to help small businesses

MEDC MILocalBiz participating business.JPG
Posted at 11:56 AM, Jun 04, 2020
and last updated 2020-06-04 13:55:56-04

LANSING, Mich.  — To help small businesses rebound from the economic stresses created by the pandemic, the Michigan Economic Development Corporation is providing matching grants tied to crowdfunding through Patonicity, a platform based in Michigan.

“This program offers innovative access to capital for those businesses currently experiencing a loss in revenue directly related to the COVID-19 crisis,” said MEDC CEO Mark A. Burton in a release.

The program is called MILocalBiz, and for every dollar a small business raises through Patonicity, up to $5,000, the MEDC matches it with a grant. MEDC plans to provide up to $500,000.

Check on eligibility

Businesses in 42 Michigan counties are already participating since MILocalBiz started in May.

Other COVID-19 response programs from MEDC
Other COVID-19 resources from MEDC