Apply for Velocity's Small Business Support Hub Grant
Direct Grants
Velocity was awarded funds by the Michigan Economic Development Corporation (MEDC) to support small businesses and entrepreneurs disproportionately impacted by the COVID-19 pandemic. As part of the funding received, Velocity will be awarding one-time direct grants to eligible small businesses.
Eligibility
1
For-profit, LARA registered small businesses located in Macomb County
2
Ability to demonstrate that you will be a good steward of grant fund usage and required reporting
3
Have completed at least one Entrepreneur in Residence/Business Coaching session provided by Velocity within the previous six months, and;
4
Must meet at least one of the following:
• Experienced financial hardship due to COVID-19
​
• Located in a designated impact zone, such as:
2015 CDFI Investment Tract
2020 Qualified Census Tract (QCT)
Rural Michigan County
You can check if your geographic location qualifies with this map tool provided by the State of Michigan (there is also a link in the application itself). Eligible locations are marked in violet.
​
• SEDI-Owned Business (Socially & Economically Disadvantaged Individuals). At least 51% owned by a woman, minority, veteran, LGBTQ+ individual, person with a disability, or another underserved group as defined by the U.S. Treasury Definition
To be considered for a Direct Grant Award, you must meet the following criteria:
What Can I Use The Funds For?
Learn more about Eligible Expenses Below...
Allowable Expenses | Unallowable Expenses |
|---|---|
Training and Professional Development | Any expense not aligned with specific purpose of the grant |
Costs approved by Hub related to business operation support or growth needs | Entertainment |
Certification & Licensing fees | Non-business related travel |
Highly specialized consulting services | Personal expenses |
Inventory (up to $4,999 per unit) | Debt repayment |
Equipment* (up to $4,999 per unit) Cannot be installed or involve construction | Eligible costs that will be or have been reimbursed by another federal program |
Software (up to $4,999 per unit) | Capital Expenses above $5,000 |
Hardware (up to $4,999 per unit) | Construction, building alteration, or repair |
Marketing | Payroll |
Specialized Consulting Services |
examples listed are not intended to be exhaustive
Full participation in reporting requirements expected for compliance.
Recipient Expectations
We guide our funding decisions according to the following principles:
​
· Fairness: We use tools to minimize bias in the review process so that applications are scored according to their merits and suitability to the program.
· Excellence: We have high expectations of grant recipients and require regular reporting and follow-through.
· Efficiency: We evaluate applications thoroughly yet swiftly, so that energy and focus can be put towards the work and projects that really matter.
· Transparency: All funding decisions are based on this rubric, available to reviewers and applicants alike.
This project is being supported, in whole or in part, by federal award number SLFRP0127 awarded to Sterling Heights Local Development Finance Authority (“LDFA” or “Velocity”) by the U.S. Department of the Treasury & Powered by :
