Royal Oak Allocates $256,263 in CARES Act Funds for Small Business Support
(City of Royal Oak, June 25, 2020)
Royal Oak, MI – The Royal Oak City Commission has set aside $265,263 of its special allocation of Community Development Block Grant funds (CDBG-CV) from the enactment of the CARES Act to provide financial assist to small businesses in Royal Oak impacted by COVID-19.
The Royal Oak CDBG-CV Small Business Assistance Program is a loan designed to provide short-term working capital which enables small businesses to remain prosperous and retain or create jobs held by persons living in low- to moderate-income households.
The City of Royal Oak will forgive loans, after six (6) months, if the assisted small business can demonstrate that it successfully created new jobs or retained existing jobs based on federal requirements. More information on the program can be found in the application.
“Like every community across the nation, Royal Oak businesses, workers, and institutions are feeling the economic pains of the pandemic,” said Royal Oak Mayor Mike Fournier. “While the financial assistance is an important step, the best help we can provide is to shop local whenever possible. It is hopeful and inspiring to see our community coming together to support each other. We will exit this crisis stronger than before.”
When asked how the decisions will be made, Fournier said “The funding will be distributed based upon need and targeted at businesses where the funds will make the difference if a business stays open or closes for good. It’s not the intent to throw good money after bad or provide welfare to an organization that doesn’t need it to survive. We will look at everything on a case by case basis.”
To Learn more, go to https://www.romi.gov/DocumentCenter/View/27033/Application—RO-CDBG-Small-Busin-Assist-Program
Individuals with questions are encouraged to e-mail Joseph Murphy at email@example.com.