In response to the COVID-19 crisis, The Michigan Economic Development Corporation, in conjunction with the Detroit-based crowdfunding platform, Patronicity, has developed “MI Local Biz”, a creative funding mechanism to offer quick access to capital for small local businesses in this great time of need. The MEDC will match crowdfunding raises on a 1:1 basis up to $5,000 for eligible small businesses experiencing economic challenges as a result of COVID-19.
Applications are now closed
Please review the Overview
Document below for full details on the rules & eligibility of the MI Local Biz
program.
The MI Local Biz program is a matching grant program that utilizes donation-based crowdfunding to generate public interest, to raise funds to assist small businesses negatively affected by the COVID-19 crisis, and help position that business for re-opening as the crisis eases. By utilizing web-based donations, businesses are accessible to anyone willing to make a donation in real time. This crowdgranting model engages the public as each person contributes in the effort to assist their local businesses. In addition, this model instills community pride as residents become a conduit of support for their local economy.
As these small businesses are the pulse of the local marketplace and affect the lives and well-being of entire communities it is vital that they continue to operate through and beyond the COVID-19 crisis.
Step 1 - Pre-Check Eligibility: Start Pre-Check Application Form below. Applicants will
be accepted and reviewed for eligibility on a first come first serve basis until
funding is allocated.
Step 2 - Start Crowdfunding Page: Eligible applicants will be notified via email by
Thursday, May 28th and will be able to begin building out their crowdfunding page as the second part of
their
application through a unique link provided in the email.
Step 3 - Patronicity Review: Applicants will have 3 days to start, complete and
submit their crowdfunding page application for Patronicity review and feedback. Failure to
complete a campaign page within 3 days from approval will result in A LOSS OF APPROVAL.
Funding will then be given to the next eligible business based on first come first serve order
in which application was received.
Step 4 - MEDC Final Review & Approval: Once a campaign has finalized their crowdfunding
page within 3 days incorporating review & edits from the Patronicity Team, campaigns will be forwarded
to the MEDC’s MI Local Biz team for final approval..
Step 5 - Campaign Goes Live: Start crowdfunding! Patronicity will provide technical
assistance throughout the raise period.
Step 6 - Match Disbursed: If the crowdfunding campaign is successful, MEDC will match
the funds raised. Patronicity will provide funding to the successful business within 5 days of the
campaign ending date.
Businesses eligible to receive the MEDC match of local donations associated with the crowdfunding campaign must meet all of the qualifications below:
While all businesses meeting the above criteria are eligible, priority will be given to businesses meeting two or more of the following location-based criteria:
Eligible businesses can seek donations through the Patronicity platform to assist them with any working capital needs they are facing as a result of the COVID-19 crisis. The eligible business can seek to crowdfund up to $5,000 to receive $5,000 in MEDC matching funds.
Please review the Overview Document below for full details on the rules & eligibility of the MI Local Biz program.
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