On this Business Beat, Jeff shares details of a funding program through Detroit Means Business and the Detroit Economic Growth Corporation.
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Good morning, Paul!
We’re always on the lookout for grant support opportunities and other sources of funding to help our small businesses here in our region in these most challenging times. And we’re happy to deliver news that the Detroit City Council has just approved a $9-million allocation of funds from the American rescue plan act to Detroit Means Business, an organization founded during the pandemic to help small businesses get through it, an initiative associated with the Detroit Economic Growth Corporation.
These funds will be earmarked to provide further aid to small businesses negatively impacted by the COVID-19 pandemic. Now these funds come to Detroit Means Business in the form of $2 million for loans and grants, $3 million in small business debt pay down assistance and $2 million in direct small business support over the three-year project period, DEGC President and CEO Kevin Johnson says.
“Additionally, businesses can apply to receive non-financial technical support, as well,” said Amanda Hanlin, the DEGC’s chief of staff, “including such services as mentoring, coaching, and/or support and developing strategy and digital platforms, for example.”
While logistics for the application process have not yet been finalized, if you feel your business needs further aid, you can go to detroitmeansbusiness.org to learn more and to apply once the application process opens, scheduled to happen sometime before the end of this year.
While Detroit Means Business was formed during the pandemic to address the acute need of small businesses during the height of the pandemic, we’re thrilled to see this program continue into the post-pandemic era and hopefully beyond.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
