As COVID-19 begins to have an increasingly significant impact on local businesses, The Enterprise Group would like to share with you the following resources that might be of assistance to your business during this crisis:
Dream Maker Fund:
Dream Maker Small Business Emergency Relief Fund is possible with a personal gift of $1 million to the Jackson Community Foundation from Consumers Energy President and CEO Patti Poppe and her husband Eric during the COVID-19 pandemic. The fund is established to support small for profit businesses in the couple’s home county of Jackson, Mich., through grants made by The Enterprise Group Community Ventures Corporation. The intent of the Dream Maker grants is not to ensure the long-term solvency of businesses; rather, they are meant to cover short-term (i.e., next 30 days) gaps until these businesses can access state and federal resources. To apply, visit enterprisegroup.org.
If you have any questions, please email jacksondreammaker@gmail.com.
Additional Covid-19 Assistance Resources:
State and federal governments are working hard to provide critical assistance. Here are links to additional resources:
Jackson County Chamber of Commerce: https://www.jacksonchamber.org/legislative-updates
Small Business Development Center: https://sbdcmichigan.org/small-business-covid19/
Michigan Economic Development Center: https://www.michiganbusiness.org/covid19/?fbclid=IwAR3dBRZAKHlMxPSbLNWLsj-15D5iZPTeLv_k3Z_TN309iMUs4XtYJoRIB8A
Michigan Chamber of Commerce: https://www.michamber.com/coronavirus-toolkit
SBA Disaster Loan Assistance: https://disasterloan.sba.gov/ela/?fbclid=IwAR3fhXJx2zzZrladxmB5dwQ5fyQrnqooCWn_62Vie-lwApboddcXBFnrlfs
U.S. Chamber of Commerce: https://www.uschamber.com/co/small-business-coronavirus
Historic Facade Restoration Program
Since 2006 the DDA Board has offered a façade improvement loan program for the revival of historic facades on the buildings of downtown. Focused on bringing back the historic architecture of the late 1800’s and early 1900’s, the program was centered around a 50-50 share in the expense of restoring a façade.
That’s 1 dollar for every dollar that the property owner puts into façade restoration and renewal. Those loans are largely low interest deferred loans to the property owner to assure that the façade restoration approved by the board would stay in place for the term of the note. In most cases that represented a 5-year term. For every year that the restored façade maintained the loan would be forgiven over that 5-year term at 20 percent per year.
While the program was intended to expire in 2008, the Board took another look at it since few opportunities were taken to use the program. On the other hand, the economic downturn put the hurt on every business in the country and improvements gave way to shear survival from 2007 through 2009 and now into 2010. Subsequently, the Board has reviewed the program and continued it each year through this year.
Currently, the Board is actually reviewing the program to provide further incentive improvement, again, focused on historic improvement, but the possibility for enhancing any façade grows to the extent that the Board is looking at changing the program to reflect upon the upturn and take advantage of any improvements. Subsequently, the Board is reviewing the program to change the terms to reflect 2 dollars for every dollar invested in historic restoration with simple improvements to upgrade facades would remain at 1 dollar for every dollar invested.
The program would still require the implementation of a lien on the property to assure the DDA’s investment along with a mortgage note on the deferred loan. The application form is listed below as well as the program details. Business owners are encouraged to click on either to review the process and contact the executive director for any questions that may arise.
The façade program is just one of the programs the DDA Board has presented to downtown businesses. As it looks at further incentives, a revolving loan fund for example, check back occasionally or click on one of the associate links below. In the meantime, if your are located in the DDA District and are looking for some help with the restoration of the front of your building, click on the link below and download the Facade Restoration Application and rules determining eligibility:
Click Here for Facade Restoration Program Application and Information
