Downtown Kalamazoo and COVID-19
As policies are enacted across the state, and the Kalamazoo community takes precautions to mitigate the spread of COVID-19, the Kalamazoo Downtown Partnership recognizes that Downtown businesses are preparing for major economic impact. We know that during this time, the public health is a top priority -which is why we are outlining some great ways below to support local downtown businesses while following social distancing recommendations.
Click below to get the latest update on your favorite food + drink, retail, or service business in downtown Kalamazoo. This is an ever-changing situation, so please check back often for the most up-to-date information.
Michigan Small Business Relief Grants + Loans
Michigan Small Business Relief Grants will provide up to $10 million in grant funding to one or more local economic development organizations or nonprofit economic development organizations to provide grants up to $10,000 to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak. Amounts per lead local economic development partner will be determined based on potential impact per region. Southwest Michigan First has been allotted $800,000.
Eligible businesses means that:
- business is in downtown and high-impact corridors;
- have 50 employees or fewer;
- need working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business; and
- able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.
If the business has more than 50 employees, they might qualify for a loanAPPLY TODAY
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the House on March 27, and is expected to be signed by President.
The package provides $350 billion for 100-percent federally-guaranteed loans for eight weeks of assistance to small businesses and 501(c)(3) nonprofits. Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loans.
Updated information will be provided as it becomes available.
Resources from the Office of Congressman Fred Upton:
- CARES Act Coronavirus Resource Guide
- What Small Businesses Should Know About the Coronavirus Bill
- What Families and Individuals Should Know About the Coronavirus Bill
- CARES Act Paycheck Protection Program and Loan Forgiveness
- What Education Professionals Should Know About the Coronavirus Stimulus Bill
- CARES Act: Frequently Asked Questions on Direct Financial Assistance
Small Business Development Center
Kiva, a non-profit that expands access to capital for entrepreneurs around the world, is also answering the call to support struggling businesses looking for a 0% interest loan up to $15,000 prepared.
If your businesses is not already a Kiva Trustee-endorsed project, local members of the Local Initiatives Support Corporation (LISC) can help you get an endorsement. Contact a LISC member that supports your type of business to learn more to start your application:
We want to thank our amazing community for their support of downtown Kalamazoo businesses through the Downtown Kalamazoo Gift Card Stimulus Program, which added $10 to any $25 gift card purchased for a participating downtown business.
In the first 72 hours, more than 350 community members purchased 1,000 gift cards, bringing $35,000 directly to downtown businesses. Due to the overwhelming response of support, we extended the program, doubling our investment by offering $10 bonuses for another 1,000 gift cards - those sold out in less than 36 hours.
In total, more than 650 individuals purchased 2,000 gift cards across nearly 70 downtown businesses, bringing $70,000 directly into the downtown economy.
If you purchased gift cards through this program, please know we are working diligently to mail orders out to you as soon as possible, with consideration for the Governor’s order.