Detroit and Wayne County, like the rest of the world, are feeling the devastating impact of COVID-19. After ensuring the safety of our people, sustaining our neighborhood businesses is our next priority.
I’m pleased to announce several financial aid packages available to help small businesses survive this crisis.
$3.1 million Detroit Small Business COVID-19 Relief Grant Fund: This fund is available thanks to the quick actions of the Mayor, City Council, the Economic Development Corporation of the City of Detroit (EDC) and the DEGC. It will give eligible Detroit businesses cash to help keep them afloat until they can resume normal operations.
$1.6 million Detroit/Wayne County Grant Relief Fund: The Michigan Economic Development Corporation, through the Michigan Strategic Fund, granted Detroit and Wayne County $1.6 million for small businesses. This is part of the MEDC’s $20 million Michigan Small Business Relief Program, of which $10 million is dedicated to grants.
$10 million Michigan Small Business Relief Loan Program: Businesses with fewer than 100 employees may apply for an MEDC loan. To be eligible for any of these programs, businesses must have experienced significant financial hardship as a result of COVID-19.
U.S. Small Business Administration (SBA) Disaster Loan: Coming soon, businesses may apply for an Economic Injury Disaster Loan from the U.S. Small Business Association. The SBA will offer low-interest federal disaster loans for working capital to small businesses suffering financial injury as a result of the coronavirus.
I’d like to thank City Council, especially Council President Brenda Jones, who is a legendary champion of Detroit’s small businesses. I am grateful to the Mayor, the EDC, Wayne County Executive Warren Evans, my team and all the people who support Detroit businesses during the Stay Home, Stay Safe Executive Order.
While emergency aid is an important step in sustaining our neighborhood businesses during this crisis, nothing helps more than our spending dollars. Let’s all continue to support our local businesses in creative ways, such as take-out dining and online purchases. New revenue is the surest way to keep our businesses running.
Please visit the DEGC’s Covid-19 Resource Site for information about the programs and to apply.
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