Oakland County Stabilization Fund Program

by | Apr 30, 2020 | Breaking News

UPDATE: April 30, 2020 . This program is now closed
Breaking news: The Oakland County Stabilization Grant Program for small businesses has received additional funding. Applications  received by the original April 6 deadline will be considered with this new round of funding.
New applications are not being accepted.
Award notifications are anticipated to be announced the week of May 10. Email notice will be sent to all applicants on their application status.

CLICK HERE for the full press release from Oakland County

Update: CLICK HERE to view the list of grants awarded in the first round of program funding (scroll down the page to view the list)

Update: April 3, 2020; Applications for this program are closed. Award announcements for the grants are expected by April 24

Update: If you have already submitted an application you MUST submit again using the new application form. There were errors in many of the applications so the County drafted a new application and everyone MUST submit (or re-submit) using the new application forms. Links to the forms are in the post below. Select one – grant or loan.

Oakland County Stabilization Fund for Small Businesses

As a small business owner in Oakland County, we want to help you understand and apply for one of the funding opportunities available.

These are the two programs, and you will have to determine which one is right for your company. You can only apply for one:

  1. Small Business Grant (Part of the Michigan Small Business Relief Program)
  2. Small Business Loan (Part of the Michigan Small Business Relief Program)

To be eligible for either the grant or loan, your business must have experienced significant financial hardship as a result of the COVID-19 outbreak or related state executive orders.

​​​​​​​Grant and Loan submissions must be submitted by April 6th at noon.

Select the type of funding your company is eligible for and you want to pursue:

 

Small Business Grant

Grant Qualifications
  • 50 employees or fewer.
  • Working capital to support payroll expenses, rent, mortgage, utility, or other similar expenses.
  • Able to demonstrate an income loss as a result of the COVID-19 outbreak or related state executive orders.
  • You can apply for up to $10,000.

Instructions

Click the Small Business Grant button below to complete the online Eligibility and Application Form.

Small Business Grant
 
 

Next Steps

After all eligible applications have been confirmed, they will be forwarded to local review teams for funding consideration. After reviewing the applications, the local teams will forward their recommendations for grant funding to Oakland County. It is anticipated that successful applicants will be notified the week of April 13th.

Questions? Contact:

StabilizationFundGrant@OakGov.com
 

Small Business Loan

​ Loan Qualifications
  • 100 employees or fewer.
  • Working capital to support payroll expenses, rent, mortgage, utility, or other similar expenses.
  • Able to demonstrate that the company is unable to access credit through alternative sources.
  • Able to demonstrate an income loss as a result of the COVID-19 outbreak or related state executive orders.
  • Loans to range from $50,000 to $200,000.

Instructions

Click the Small Business Loan button below to complete the online Eligibility and Application Form.

Small Business Loan
 
 

Next Steps

​After all eligible applications have been confirmed, they will be forwarded to the Michigan Economic Development Corporation (MEDC) the week of April 13thfor LOAN funding consideration.

 

FAQ’s on Oakland County Stabilization Funds – Grants and Loans