Detroit Development Fund, a community development finance institution based in Detroit, received approval of a $1 million loan from MSF to make micro and small business loans ranging from $5,000 to $250,000 to small businesses in Detroit, Highland Park, and Hamtramck, with emphasis on businesses located in economically disadvantaged areas. To learn more, see here.
The Michigan COVID-19 Safety Grant Program is awarding qualifying Michigan employers with funds to help mitigate costs associated to keeping employees and customers safe. These grants will provide small businesses with matching funds of up to $10,000 for projects designed to decrease the risk of COVID-19 spread, including the purchase of safety and health-related equipment or trainings in response to COVID-19. The initial grant application will be open until Friday, August 7th. To learn more about eligibility and apply, see here.
The State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan Businesses directly impacted by COVID-19. The application is now open.
The CARES Act has been created to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Applications are now open and loans will be allocated on a first come, first serve basis. More details and the application can be found here.
Detroit-based, Autobooks launched its “Get Paid” campaign, providing a complimentary option for small businesses to easily accept digital payments and deposit the money directly into their current banking accounts.
U.S. Small Business Administration provides a number of loan resources for small businesses to utilize when starting, expanding or operating their businesses.
The Michigan Economic Development Corporation works to increase the availability of capital for companies in Michigan at every stage of development. The MEDC can help connect your business with capital providers – federal grants, venture capitalists, banks, and others – as well as offer programs that can expand the reach of those capital providers.