Local businesses are the heart and soul of Detroit.

We have pulled together a list of resources to support small businesses and a map showcasing what is open in our portfolio in Detroit.

Small Business Resources

Financial

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 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.

  • The CARES Act created a new Employee Retention Tax Credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. 

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.

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