Mar 15, 2022
What is Grow MI Business?
Grow MI Business is a grant program launched by the state of Michigan to deliver roughly $409 million of support to eligible businesses across the state impacted by COVID. The program, signed into law at the end of last year, allows companies who were open for business before October 1, 2019, to get back a percentage of their loss in total state sales through a grant of up to $5 million.
Qualifying businesses must meet the following criteria, as noted on the program website:
- Businesses with a decline in total Michigan sales between the calendar year 2019 and 2020 equal to or greater than 5 percent.
- Businesses that are not tax-exempt
- Businesses not classified as a government entity
- Must fall under one of the following qualifying business type categories:
- Entertainment Venue, including auditoriums, arenas, banquet halls, cinemas, concert halls, conference centers, performance venues, sporting venues, stadiums, and theaters;
- Recreational Facility or Place of Amusement, including amusement parks, arcades, bingo halls, bowling alleys, casinos, nightclubs, skating rinks, water parks, and trampoline parks;
- Cosmetology or Barber Services;
- Exercise Facility or Gym;
- Food Service Establishment;
- Nursery Dealer or Grower;
- Athletic Trainer;
- Body Art Facility; or
- Hotel or Bed & Breakfast
How do I apply?
Online applications are available now through March 31, 2022 (11:59 p.m. EST). You can find additional information along with the application on the Apply for Business Resources (ABR) website, here.
Applicants will be required to submit documentation to verify financial hardship including:
- Financial Documentation and Information to verify their decline in Michigan total sales from the calendar year 2019 to the calendar year 2020 for businesses in operation on October 1, 2019.
- Financial Documentation and Information to verify their fixed costs for the calendar year 2020 for businesses that were not in operation on October 1, 2019, but started before June 1, 2020.
- Beneficiary Agreement with terms and conditions that have been electronically signed.
Please note, unlike other COVID-based funding programs, Grow MI Business is NOT a first-come, first-serve program. Instead, it may be prorated depending on the number of eligible businesses that apply.
For more information on eligibility, requirements, and award methodology, please visit Michigan.gov/abr.
Your William Vaughan Company advisor can guide you through the process and help you provide the necessary information to qualify.
Connect With Us.
wvco.com | 419.891.1040
- Audit & Accounting
- Construction & Real Estate
- Cost Accounting
- Estate Planning
- Fraud & Forensics
- Healthcare & Dentistry
- IT & Risk Services
- Manufacturing & Distribution
- Other Resources
- Restaurant & Hospitality
- Risk Services
- Tax Compliance
- Tax Planning