Oakland County Treasurer Andy Meisner announces today that he has reached an agreement with TCF Bank to create a $6 million small business relief fund for Oakland County small businesses negatively affected by the Coronavirus crisis and the effects of government actions intended to stop the spread of the dangerous illness.
“Supporting small business means supporting the families that make small businesses run,” said Meisner. “That’s why we must be proactive in supporting our Oakland County businesses affected by the crisis and this new small business relief fund will do just that.”
The Oakland County program will be similar to a program adopted by TCF in Wayne County and will provide loans at zero to 2% for small businesses of 100 or fewer employees. TCF and Oakland County will each contribute $3 million to the program, which will provide meaningful relief to small businesses in the County.
In addition to this new program, Meisner is calling on transitioning Oakland County’s current small business micro-loan program to a grant program for affected businesses for the next year.
“Throughout this crisis, the small business counseling services of the Treasurer’s Office remain available through remote consultations on the phone or by video chat. Now is the time for us to expand on and continue our critical services supporting small businesses and the families that make them work.”
Meisner is proposing to provide the County share of funding for the program from the Delinquent Tax Revolving Fund that he administers on behalf of the County, since the funding for the program may be used to pay current or delinquent property taxes, preventing potential tax foreclosures down the road.
More information about the program will follow.