Oakland County, TCF Bank to launch $6M small business relief fund

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Posted at 1:30 PM, Mar 26, 2020
and last updated 2020-03-26 13:30:27-04

OAKLAND COUNTY, Mich. (WXYZ) — Oakland County has reached an agreement with TCF Bank to create a $6 million small business relief fund for Oakland County businesses negatively affected by the COVID-19 crisis.

“Supporting small business means supporting the families that make small businesses run,” Oakland County Treasurer Andy Meisner said. “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 program will be similar to the one announced in Wayne County. It will provide loans at zero to 2% for small businesses of 100 or fewer employees.

TCF and the county will each contribute $3 million to the program.

Additionally, Meisner is calling on transition the county's curren small business micro-loan program to a grant program for affected businesses for the next year.

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