LANSING—The Lansing Economic Area Partnership (LEAP) announced that the state of Michigan has expanded eligibility requirements for the Business Accelerator Fund (BAF) to incorporate a focus on coronavirus response.
The BAF is traditionally available to participating business accelerators, such as LEAP, in Michigan’s statewide SmartZone network, to help high-tech companies purchase specialized services that are not otherwise available through accelerators.
The BAF program is administered by the Michigan Small Business Development Center in partnership with the Michigan Economic Development Corp. For the past several years, LEAP has led the statewide SmartZone network in the number of BAF approvals and total amount distributed through the program.
In response to COVID-19, the BAF program has expanded access and eligibility to support small, non-tech companies making personal protection equipment (PPE) or medical supplies, high-tech companies whose product or service is directly fighting COVID-19, and existing accelerator clients whose survival is directly threatened by the pandemic.
“Expanding eligibility for BAF assistance is critical for the Lansing region’s long term response to the coronavirus crisis,” said Bob Trezise, president and CEO of LEAP. “These are not relief funds addressing immediate financial distress, which we know many small businesses are feeling. Rather, by expanding who qualifies for assistance through the BAF, we can help pivot our region’s economy to increase preparedness for the long term effects and potential subsequent waves of the COVID-19 outbreak.”
The total amount of funding in the BAF program is $1.18 million, to be allocated across the state of Michigan through regional SmartZones. Companies approved through this expanded eligibility will receive funding from that same pool of money.
Approved non-tech companies making PPE or medical supplies can receive up to $25,000 per company and approved high-tech companies directly fighting COVID-19 can receive up to $50,000 per company.
Full information including eligibility details, FAQ and an application are available at purelansing.com/baf
For other small business assistance and resources, visit purelansing.com/businessrelief