Mayor Andy Schor today announced phase one of the City of Lansing’s Small Business Recovery Program (LSBRP), the COVID-19 Rescue Fund. The Fund was created as an emergency resource to provide immediate help to City of Lansing small businesses in danger of going out of business as a result of the pandemic. Small businesses in the City of Lansing can apply for $10,000 grants to help face the sudden and severe economic impacts incurred due to COVID-19. Application period will be Monday, April 13, through Thursday, April 16, at 11:59 p.m.
“Small businesses throughout the City of Lansing need our support now, more than ever,” said Mayor Schor. “The City of Lansing will repurpose existing business and EDC dollars to support our local businesses who have faced severe economic hardship due to the COVID-19 pandemic. Businesses especially need these grant dollars now to survive and help ensure they can keep open or reopen their doors when this pandemic ends.”
Eligible business applicants must be located within the City of Lansing with a total of 25 or less employees and have annual revenues of $1.5 million or less in 2019. They must show income loss specifically related to COVID-19 and demonstrate a need for working capital. Business must not have been awarded an MEDC Small Business Relief Fund Grant through LEAP and must be up to date on property and income tax payments to the City.
COVID-19 Rescue Fund awards are to be used exclusively for immediate and near-term working capital expenditures. Examples include payroll expenses essential to business viability, rent, mortgage payments, utility expenses, or other expenses that occur in the ordinary course of business.
“The LEDC is thankful to Mayor Schor for his leadership in supporting small businesses severely impacted by the COVID-19 pandemic” said LEDC Chair Calvin Jones. “The LEDC is proud to work with Mayor Schor in establishing the COVID-19 Rescue Fund for City of Lansing small businesses and committing $400,000 in grant funds towards this initial response."
Awardees will be announced during the week of April 27, 2020. Additional information and the application can be found a www.lansingmi.gov/smallbusiness.