Sunday, April 5, 2015
Detroit Entrepreneurs Looking to Start a Business Should Check Out the New Motor City Match Program
How the program works
The $2.5 million in program funding includes $500,000 every quarter in federal grant and foundation funding, $1 million in small business and renovation loans and $1 million in support services. The program is designed to connect building owners with prospective small business owners looking for space to either start or expand a business. The program benefits both by stimulating more small business activity and helping to restore building space across Detroit.
Grants will be available through Detroit's Economic Development Corporation, lending will be offered through six lending partners to help with small business and construction loans, and technical support services are funded by the U.S. Department of Housing and Urban Development Community Development Block Grants. Other program supporters in Bank of America, Ford Foundation, JP Morgan Chase, the Kresge and Kellogg foundations and others.
Both building owners and business owners must apply for the program. The first round of applications for building owners ends May 1, 2015, with a second round open from August 1 - September 1. Applications for small businesses will run from June 1 to July 1, with a second round running from Sept. 1 to Oct. 1.
For more information, visit www.detroitnews.com/story/news/local/detroit-city/2015/04/01/grants-match-businesses-building-owners/70789100/