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Economic Development

Posted on: June 12, 2020

New Royal Oak grant opportunity announced

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 effected 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 link below.

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