FROM: Glen W. Long, Jr., Chief Financial Officer, Interim President & CEO
DEGC’s marquee programs for Detroit small businesses — Motor City Match and Motor City Re-Store — are grabbing some great headlines, but they are just part of the array of resources DEGC can draw on to help small businesses succeed in our city.
Recently, we were able to provide Red Dunn Kitchen with gap financing — in partnership with its senior lenders — from a small pool of funds we have available from a federal grant for loans to small businesses. We also helped the owners of The Inn at 97 Winder qualify for property tax exemptions under the Obsolete Property Rehabilitation Act (OPRA).
Currently, we’re working with a group of people to provide a small business loan and a tax abatement incentive that they can use with their equity to fund their start-up, and yes, we are working with the owner of Henry the Hatter as that business considers moving to a new location.
Small businesses in neighborhoods across the city are an important part of the fabric of their communities. We’re adding staff in order to keep up with demand. At DEGC, we work hard every day to find ways to support small businesses as they open and grow in Detroit.