Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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Michigan
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on June 22, 2020.
For more up-to-date information on the relief programs available in Michigan, we recommend that you visit the state’s COVID-19 Resources website or the Michigan Economic Development Corporation.
Description of Program and Relief
Capital Access Support Financing for Businesses Impacted by COVID-19
Description of Program and Relief
The Michigan Economic Development Corporation (MEDC) offers existing programs to assist small and medium-sized businesses across Michigan negatively impacted by the COVID-19 outbreak with debt capital needs. Available programs include:
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Capital Access Program: The Capital Access Program (CAP), is available to assist businesses with capital needs. Similar to a loan loss reserve fund, the bank, the company and the Michigan Strategic Fund pay a small premium into a reserve that makes it possible for the company to receive fixed asset and working capital financing.
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Collateral Support Program: The Collateral Support Program works to provide cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. This program seeks to enable borrowers to acquire the necessary financing that may otherwise be unavailable due to a collateral shortfall.
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Loan Participation Program: The MEDC can participate with a lender for new financing that decreases the lender’s credit exposure. For projects with speculative cash flows, the MEDC may offer a grace period on repayments.
Government or Lead Agency
Michigan Economic Development Corporation
Dates Available
Ongoing
Eligibility Requirements/Restrictions
Eligibility varies by program.
Application Deadlines (If Applicable)
N/A
Contact for More Information
For the MDEC, please contact 888-522-0103.
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.