SAULT STE. MARIE — A new program from the Michigan Economic Development Corporation will support the expansion and renovation of small businesses in downtown Sault Ste. Married.
The MEDC is in partnership with the Downtown Development Authority of Sault Ste. Marie to bring development grant funds to the Soo.
The program, which is also being implemented in other cities, aims to enable the expansion of local businesses. As the country recovers from the COVID-19 pandemic, this grant will help many small businesses overcome the obstacles presented by the pandemic, as well as regular expansions.
In order to qualify for financing, a business can only use financing for specific types of renovations related to business expansion.
Funds can only be used for interior renovations, technical assistance, technology upgrades and business infrastructure related to COVID-19 operations, including the purchase of plexiglass barriers or the cost of setting up of outdoor spaces.
“The main focus is to start and grow our local businesses, we want to continue to develop attractive town centers,” said DDA Director Stephanie Sprecker. “By helping businesses grow, we’re creating a more attractive downtown that attracts more business.”
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Downtown businesses may be eligible for funding of up to $25,000 for renovations, expansions and other upgrades to their local business. Grants will only be approved if the business can demonstrate that the renovations cost $25,000 or less and are able to cover 10% of the total grant cost.
In order to be eligible for the grant, a business must demonstrate the need to renovate as well as a cost estimate from a third-party contractor who is willing to complete the work.
The application deadline is October 6. Visit the Sault DDA website for more details on this and other programs.
Contact Brendan Wiesner: [email protected]